Via Forbes:
Many companies address their growth gaps by establishing incubators for new efforts, and they struggle. One study of 300 such incubators found that only 47% met their strategic goals and 24% met their financial goals. What makes for a successful incubator?
Points:
- “The way management exercises control, the process-driven culture, the ability to experiment freely, and several other variables dictate what companies can and cannot let incubators do.”
- “A mandate protects an incubator against an influx of pet projects, and it gives collective coherence to individual projects requiring flexibility.”
- “…engages with the broader organization, making its relevance clear to other stakeholders and aligning them for its success.”
- “…concentrate on building excellence in a handful of key areas.”
- “…be purposeful in where and how it embraces processes.”
- “…determined a narrow but diverse set of metrics.”
- “…availability of staff can lead to decisions around incubator size.”
