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Business Innovation Factory and Babson to ‘Prototype’ Entrepreneurship

The Business Innovation Factory, which focuses on a small portfolio of projects in big-win areas that bring partners together to design and test new solutions in a real world laboratory, have teamed up with the folks in Babson College, the leading college for Entrepreneurship in the US, to create an entrepreneur experience lab.

The Babson Entrepreneur Experience Lab puts entrepreneurs at the centre of an ongoing effort to design, prototype, and test a new generation of solutions to achieve a new economic vision with entrepreneurship at its heart. As the website states:

“The current entrepreneurship support system is well-intended but insufficient to stimulate entrepreneurial activity at the scale and scope we need to revive the global economy. The system needs more than a tweak—it needs a transformation.”

As someone who has been working on ways to increase the number of entrepreneurs, both inside and outside of higher education, this experiment is to be widely welcomed. In its first phase of development, the Lab is working with entrepreneurs from all walks of life, at all stages of development and from every region in the United States to create a first person characterisation of the US national entrepreneurial experience.

This work will help the team, hopefully, to understand the human and environmental factors most relevant to entrepreneur success and the effectiveness of current development programs and policies and reflect the entrepreneur experience in a manner that illuminates elements of the experience most in need of intervention and innovation. It is one element of the development, and it will be interesting to see the output from the results.

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