Reversing a topsy-turvy approach to a better world
Focusing on major issues rather than relying on people with good ideas is likely to be a good source for the 6% of businesses with hi-growth potential (- and Unicorns)
Next: the Business Growth Service’s coaches, mentors and advisers are having a real impact for SMEs; it must be exploited.
Following: Five Ace Mentors – you may need all of them
Most of the commercial supporters of hi-growth businesses depend on who turns up with a good idea – for which they search keenly; yet many of those ideas are often limited, ephemeral and even trivial, and many of their protoganists far from suited to the heavy sweat of growing a business. Few focus on issues of strategic, technical or sociological importance – like basic needs, lifestyles or communities.
Among those that have done so are:
Village Capital in New York – which seeks to identify large scale needs in any country throughout the world, and then to match them with experts and funds designed to find and implement solutions.
Syncona Partners, a subsidiary of the Wellcome Trust, which identifies potential solutions to major healthcare issues that are of technical or strategic importance and matches experts (or sets up the necessary management) and funds for delivering their benefits.
BioCity Nottingham which runs a programme whose starting point is identifying major issues of organisations in its area, and then finds experts who may be able to help solve those issues; and goes on to provide them with intensive support for the development of solutions.
The provision by Innovate UK’s for its grant winners of free access to The Business Growth Service is a welcome focus on technological opportunities that have been identified in competition, and thus a well-directed initiative for supporting young businesses that have the potential for high growth.
Innovate UK’s Business Growth Workshops bring these grant holders together and illustrate the analysis that the service’s Growth Development Managers put together, and which they use to offer a choice of three coaches, mentors or advisers to the business involved.
The success of this service must be exploited by making sure that it is adopted for example in clusters and in innovation centres everywhere.
Accelerators attacking bigger issues?
If Accelerators can support hi-growth SMEs as well as startups, can they also be adapted to focus on tough problems and emerging opportunities in all sorts of fields? (http://wp.me/p3beJt-9e)