No fund, but Xavier X-LAB demonstrates a systematic approach to early stage concept development through an “internal accelerator/competition” program. From our experience, this program implements three key fundamentals of successful, university-led, gap programs:
1.Engages Innovation Community: An ideal gap program incorporates an extended network of technical, business, and investment professionals into the process. These individuals share their expertise through development and advisory roles. They want to help…it’s in their best interest.
2:Develops Intra-/Entre-preneurs: Competition and short,intensive processes (Lean Start-up, Bootcamp) set budding and tenured -preneurs for the realities of starting something of their own. While abbreviated, and in no way a full dose, this approach can get these individuals to direct focus on what is important and even more transcendent …ask important questions, tell their friends, shape their future actions
3.Leverages Campus Competencies: B-School 101…Identify your core competencies, tap, and grow. The bread and butter of college campuses is the brain power (faculty, students). Successful programs will uses faculty and students to evaluate and develop promising ideas. It helps the final product and educates in the process.