Today there are a variety ways that new businesses are being formed and are bringing new productsand services to market. This paper will address the current and traditional ways that new products get successfully launched and find enough momentum to keep scaling and growing. This paper will introduce a new way that major universities and corporate research and development efforts can create scalable businesses into the market. New science and engineering programs that create exciting and in some cases patentable ideas, will offer unique and potentially very powerful ways to enhance our national economy with new enterprises and offer new employment opportunities into the general population.
There is a new approach that can move ideas to markets with the marriage of STEM based product development to aggressive entrepreneurial processes. This concept blends the engineering departments of academia and enterprise with the business techniques also found in academic settings to rapidly build useful, scalable, and profitable companies. The blending of intellectual property with go to market business development creates a path to economic power
There is a new approach that can move ideas to markets with the marriage of STEM based product development to aggressive entrepreneurial processes. This concept blends the engineering departments of academia and enterprise with the business techniques also found in academic settings to rapidly build useful, scalable, and profitable companies. The blending of intellectual property with go to market business development creates a path to economic power.
The path to business creation in the United States is the basis of capitalism, the formation of businesses that focus on revenues and creation of jobs. There is a new path in this program.
The Current Paths
There are a variety of existing business strategies in place today. They span a wide array of different sizes, shapes, and approaches to enterprise development based on economic power, historical trends, levels of expertise and dedication to success. Generally speaking, enterprising founders and entrepreneurs and hard working teams fuel business development approaches. Different types of interested players come together. Some are more passionate and seek the excitement of creating new companies. Some need to provide economic support for their families as their key driver and seek the comfort of stable, larger companies that will provide sustainable income potential. Small and larger organizations are created based on individual needs, educations, drivers, and market dynamics.
There are different types of businesses. Life style companies, smaller family owned companies make up the bulk of the American enterprises. These companies tend to serve local marketplaces and work very closely with their customers. They have established history and the most successful have very strong customer service programs.
Entrepreneurial startup companies can be viewed as seedlings of energy production groups that have a passionate desire to save the world. These entrepreneurial endeavors link passionate, engaging, and spirited groups that fight through lots of uncertainty, usually more than once before they sense real success.
Large established companies that have innovation needs create internal teams that are assembled to offer new scalable directions. These teams are called intrapreneurial and they are formed within existing companies. The needs of these larger companies are financially driven. The approaches to their innovative efforts include both sustaining innovation and disruptive innovation.
The sustaining approach focuses on existing products and services making the better, faster, cheaper with more feature content. This approach is targeting to increase sales of existing products to existing customers. In some cases, big companies have an appetite for more aggressive growth and are interested in creating new products for existing customers or even new customer segments. In either case, the intrapreneurial teams are created as somewhat separate from the company in their strategies and empowerment by top management. They have a steady paycheck, but have a charter to be creative in this less risky environment.
Life Style Businesses
This path to capitalism is built on the efforts of entrepreneurs building small life style businesses that offer products and services. Generally these life style businesses are founded by small founder teams or are family owned passed down from earlier generations that service local communities. The business target for these companies is found in the local communities. Headcounts of employees in these small businesses are generally 5-15 employees. Annual revenues are under $100K.
Traditional Entrepreneurial Programs
The second path to business creation is found in the traditional entrepreneurial companies, created by a small team of passionate founders providing innovative technical products and services. According to the Kauffman Institute studies on entrepreneurship, the top industries related to entrepreneurial technology activity include information technology, health, and software. This study also points to some growth in food and beverage, retail, and government services.
Another organizational structure similar to entrepreneurism also exists within established companies where internally created intrapreneurial teams are chartered with scaling new revenues through sustaining and disruptive innovation approaches. Established, large corporate entities that face increased competition and a dramatic need to scale revenues are turning to these intrapreneurial programs that focus on sustaining innovation to elongate the life of existing product lines and are delving into disruptive innovation that can add future growth in completely different areas of innovation and new product sales.
Finally, the traditional research and development technical forces of industries move new products to market within the charter of these established businesses.
Part 2 will present The economic views of the Entrepreneurial Activity… Stay tuned