To understand the difference between how new ideas are treated in startups and in big companies, you need to understand the $1 million paradox.
Intrapreneurship and innovation are intrinsically linked ideas when you’re talking about corporate innovation programs. Whether you’re calling it a corporate accelerator, an organizational incubator, an innovation management program, you’re relying on the thinkers, creators and mobilizers to share their inspiration and find ways to integrate that value into your organization.
I recently wrote an article that outlined a new approach to developing and supporting successful innovation incubators and accelerators within corporate organizations. The article appeared to have touched a nerve as I had a number of people reach out to me to offer their experiences with incubators/accelerators. While I received a range of opinions, I was actually most interested in the stories of failure.
With so much focus on establishing corporate innovation incubators and accelerators, more attention needs to be paid to maintaining effective employee connections back into the business units that will support the newly formed ideas.
Y Combinator is a remarkably successful start-up fund and seed accelerator. Since it was founded in 2005, Y Combinator has funded over 550 start-ups with a total estimated current value of over $11 billion. It has become the world’s most successful model for mass producing digital start-up companies. It is an industrial process for driving innovation and creating millionaires.