Hoping to Accelerate Innovation, Best Buy Launches Talent Development Program

Posted by Chris Flanagan on September 18, 2008

IBM Extreme Blue leader (and BIF Research Advisor) John Wolpert passed along this video to us about an innovative new program he’s been working on with Best Buy called upStart. Basically, the program gives any Best Buy employee the opportunity to start and run a new business.

Similar to Extreme Blue, John says Best Buy’s upStart is a talent development program for wannabe entrepreneurs within the company and at university who have great, new ideas but don’t know how to get started. The program, which lasts ten weeks, helps people elaborate their idea into a real opportunity as well as help develop their abilities as entrepreneurs.

Though I'm guessing not all projects receive investment in the end, what a great opportunity for someone to learn the ropes through a top-notch experience that might ultimately become an emerging business. (Teams actually live together during the duration of the project and receive structured mentorship.)

John has been developing programs like this for over twenty years. His unique take on innovation: “If a corporate program focuses exclusively on ‘innovation’, it will be shut down or gamed into irrelevance in two to three years. If you focus on developing entrepreneurial talent, you can build a program that lasts and delivers more ‘innovation’ than a pure-play incubator.”

Related

• Watch the video and learn more about Best Buy's upStart
• John will be with us on October 15th and 16th at the BIF-4 Collaborative Innovation Summit. Don't miss his story - all the detals can be found here