Employ Venture concepts
- 'Skin in the game' - petitioning employees offer up extra budget first
- Fund in stages with clear success metrics for each round
- Never give anyone a blank check/pull the plug if metrics aren't there
- Don't dictate format; let people's creativity and drive become evident
- Fund over a calendar year; monitor performance over many years
1. Spend the entrepreneurs money first. It is amazing how much 'extra' budget exists that can be 'found' when there is passion for a new initiative.
2. Traditionally, it takes forever to get something approved for investment. However, once its approved bad ideas never die. This approach is different.
3. Each calendar year is funded from the budget as a vintage...e.g. the 2014 Fund, etc.
4. As with venture funds, prior year venture investments can be supported out of the next years fund (but don't have to be)
5. Performance is tracked by the fund vintage.