Create In-House Start Ups
If your organization is finding it slow going cranking up its innovation machine, take a tip from the world of high tech.
Teradyne, a manufacturer of testing equipment for semiconductor chips, phone networks, and software, has found a way to cut to the chase and go beyond the internal money grubbing game that all too often drives aspiring innovators up the wall or out the door. Simply put, Teradyne funds ersatz start-ups inside the company for its best ideas. The start-ups report not to a boss, but to a Board of Directors. It has venture capital -- not a budget.
Now you're talking -- a simple way to turn "one's job" into "one's work" -- and that is the secret sauce. If you want to spark innovation, you first have to spark the innovators. And one way to do that is to treat them like entrepreneurs, not worker bees. Go beyond the command and control budget game. Give people room enough to match their excitement. Let them create a business, not just work for a business.
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