The exponential rate of technology growth and adoption matched with ever-accelerating market changes has made corporate innovation a priority, not a choice, for sustainable business growth or even long-term viability.
The most successful models typically involve some form of an externally-facing innovation approach and most of those involve engagement with startups or entrepreneurial ecosystems.
Imagine a space where ideas flow freely and collaboration knows no bounds. CoLAB, our state-of-the-art co-working facility, provides corporations with a platform to host programming that matters. Whether it's strategy sessions, workshops, or project sprints, CoLAB is the perfect environment to ignite creativity and boost productivity.
Research commercialization is the process of transitioning scientific findings from research laboratories to the marketplace, turning theoretical discoveries into practical applications. This involves the protection of intellectual property, formation of policies and strategies, and collaboration between research institutions and industries to foster innovation. It's like a bridge, transforming the raw materials of new ideas and breakthroughs into the products and services that can directly impact our daily lives.
When research is commercialized in a regional economy, it acts as a catalyst for economic growth. It spawns new businesses, creates jobs, and attracts investment, generating a ripple effect of prosperity that can spread through the area. Local institutions become hubs of innovation, drawing talented individuals, boosting collaboration, and enhancing the region's competitiveness globally. This dynamic ecosystem not only fosters local development but also contributes to the broader economy, driving progress and innovation in ways that improve life for everyone.
How Corporations Contribute to Entrepreneurial Ecosystems
Larger companies play an important role in the health and vibrancy of thriving entrepreneurial ecosystems. Opportunities go far beyond access to capital or sponsoring programs & events.
Corporations can be first or large customers, growth suppliers or distribution partners.
Helping entrepreneurs frame problems or understand areas where gaps exist in their strategies, understanding new markets, contribute product knowledge, clarify or teach new business models, etc.
Enable Technology &
Access to internal technologies as platforms or building new licensing models to unlock value for under-utilized or uncommercialized technologies.
Corporate executives typically have large and influential networks or can make functional or industry-specific introductions for entrepreneurs.
Expose Expertise &
Providing access to experts in specific functional areas of need for startups can often be the most important thing they need to realize their growth potential.
Contribute to the
Become a source of new startups through direct commercialization of internal innovation, by identifying problems and partnering with entrepreneurs to establish new businesses to tackle those problems or by partnering with other corporations to jointly contribute resources to disrupt other businesses.
There are a variety of available investment and funding models, ranging from funding joint prototypes or beta trials to accelerator partnerships with different investment vehicles and levels to corporate venture funds.
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