Newsweek: Revolutionizing Corporate Innovation: Embracing the Future with Outcome-Based Accelerators
Hangar 75 CEO Ian Wilding's recent article ‘Revolutionizing Corporate Innovation: Embracing the Future with Outcome-Based Accelerators’ was published on Newsweek.com.
Summary of Article
In this insightful article, Ian Wilding, CEO of Hangar 75, explores the transformative role of outcome-based models in corporate accelerators. Traditional corporate accelerators aim to support startup growth while infusing innovative ideas into large corporations. These programs offer startups resources like capital and mentorship and help corporations tap into new technologies and market trends. However, Wilding notes that traditional models often struggle with specificity in desired outcomes, leading to misaligned expectations and potential friction.
To counter these challenges, there is a significant shift towards outcome-based models, which prioritize clear, measurable objectives for collaborations between startups and corporations. This approach ensures both parties have a shared vision of success, enhancing the effectiveness and impact of these partnerships. Wilding introduces the IF-THEN framework, which outlines specific commitments based on achieving set metrics, such as improved operational efficiencies or customer retention rates. This model demands that accelerators are set up with actionable purposes, moving beyond mere innovation showcases to become catalysts for strategic growth.
Despite their advantages, outcome-based models face challenges like setting precise objectives that align with strategic goals and integrating startup innovations into corporate ecosystems. The sustainability of outcomes post-program and the cultural integration within corporations also present hurdles. Addressing these requires strategic foresight, operational flexibility, and a commitment to fostering an innovation-friendly culture.
The full article can be viewed here.
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