Innovative approach to start-up venture formation
Just as the "American Idol" television series is revolutionizing the music business by having amateurs compete for top spots, a group of entrepreneurs are quietly adopting a similar format to change the face of the venture capital and angel investing industry.
"Finding Business Idols: A New Model to Accelerate Start-Ups" identifies a new wave of entrepreneurs and private equity funders who are transforming the way high-tech entrepreneurs are identified, their businesses are launched, and the growth of their operations accelerated.
The new "Idol-based" models vary in their details, but their contest-based method of selection and subsequent grooming are a common feature. The model provides space and common management services to start-ups; help form companies as legal entities; interviews and hires the appropriate initial management team; and lends its own management expertise—in effect becoming the company's senior management team.
This new approach to finding and nurturing innovative entrepreneurial enterprises is not only in the United States but in Europe and other parts of the world.