Many people in corporate roles fantasize about breaking free and launching an entrepreneurial venture. Three years ago I took the plunge and did just that, leaving behind a senior role in management consulting to start a talent marketplace for freelance consultants. Unfortunately, my business model didn't gain traction, but the experience was the best thing that ever happened to me professionally speaking.
For businesses in the idea stage seed capital is typically provided by the founders themselves and "love money" from family and friends. There are also a number of public and private organizations willing to step in and make relatively small investments to help grow businesses to a stage where bigger dollar players, such as venture capitalists, take an interest.
It's clear that as a society we need innovative new firms to step in and help solve our climate, health and social problems, while at the same time creating a profit for investors and jobs for all of us. The important question is: how can we assure that this happens?
While the concept of creating corporate incubators is sound, the numerous attempts at implementation have been beset by a number of issues, including lacklustre results. With so many of today's corporate incubators having significant problems creating positive results, what can be done to address these issues?
As innovation moves to the forefront of corporate agendas, corporations are attempting to capture the competitive advantages that result from innovation. While many believe that innovation can be captured with existing organizational processes, these are actually a severe impediment to innovation.