The Wennovation Process
At the heart of the wennovation model was the need to create an AFFORDABLE and QUICK path to innovative entrepreneurship that maximizes the scale of non-profit techniques, with the efficiency offered by the for-profit approach to entrepreneurship development; while fostering COLLABORATIVE PARTNERSHIP to achieve these ends.
- Designed to incubate companies quickly at lower costs
- Entrepreneurs (wennovators) are encouraged to share ideas and collaborate with one another
- Business plan focuses on market innovation and design innovation
- Business ideas are either encouraged to flourish, merged or discarded during their early phases of development
- Collaboration on the winning ideas is encouraged so that the new businesses are jointly owned by new set of wennovators.
- Sustainability, marketability and bankable ideas are key criteria in determining the winning ideas
- Managed funding is adopted to reduce seed investor risk while creating value; reduced-fee-services (sometimes shared) are offered within the network to incubated firms. Stretching the seed!
- Businesses formed are encouraged to either adopt a generous employee stock benefits program or be employee-owned to reduce overhead costs and provide headroom for early growth