Corporations should hire young entrepreneurs on a short-term basis to help develop new products or solve critical problems
Twenty years ago, "entrepreneur" was spelled "L-O-S-E-R." If you were a bright, talented college grad, the only road to success was by working your way up the corporate ladder.
Today that's not the case. Recently we spoke at an event in Charlotte, N.C., called the Extreme Entrepreneurship Tour, a series of conferences for aspiring young entrepreneurs. In the audience were hundreds of high school and college kids, feverishly taking notes. The tour, which is only five years old, will attract an estimated 20,000 students this year.
A high percentage of those students will pursue their entrepreneurial passion in college. The number of entrepreneurship courses nationally has grown from 250 in 1985 to more than 5,000. This is now the hottest degree for the ambitious with dreams of becoming billionaires before age 29. Thank you, Mark Zuckerberg.
If you lead a large corporation, you may think none of this matters. You're probably getting plenty of well-qualified, new management applicants, especially given the weak economy.
What you do not realize is you're losing access to a certain type of individual—the kind who makes things happen, the risk-takers who drive change and help create disruptive innovation.
We studied sources of innovation in 25 consumer product categories over 50 years. From the 1960s to the 1980s, 64 percent of all major new innovations came from large corporations (more than $1 billion in revenue). During the past two decades, only 16 percent of innovations came from large companies, while 84 percent of them came from startups or small companies. ...
Entrepreneurial Thinkers
If you are not one of these "cool" startups, how do you compete?First, even if you have a talented team, you've got to acknowledge that you're probably missing a critical element: the entrepreneurial thinkers, the people who prod you to take on outrageous new projects. ...
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