How the IP Foundation differs from other incubation services
There are 3 key differences between the IP Foundation and other incubation services.
The IP Foundation system creates a much broader funnel aimed at capturing many more ideas of relevance to the key stakeholders of the Innovation Partnership. This is achieved by engaging Entrepreneurs and Innovators at a much earlier stage than most incubation services, by clarifying the criteria for solutions that the Key stakeholders of the partnership are willing to support and then reaching out to Entrepreneurs and Innovators through themed challenges. This means establishing the stakeholders keen to overcome a problem prior to identifying plausible solutions as opposed to the conventional incubator which starts with Entrepreneurs with an idea, and then helps them find backers for it. For example:-
Assuming an NHS CCG was a stakeholder and was anxious to identify solutions that overcome the rising cost and demand for caring for the elderly in an area; the Innovation Partnership would be commissioned to launch a Healthcare themed challenge to explore ideas and solutions. The best ideas to progress through the incubation process.
Assuming a large MNC was a stakeholder, but planned to cease operations in the region, which would likely have a devastating effect on the local economy; the Innovation Partnership would be commissioned to explore innovative ideas that could benefit from the soon to be unemployed skilled workforce, redundant capacity in the supply chain and empty commercial premises. The best ideas would be selected and then progressed through the incubation process.
Assuming a large FMCG retailer was a stakeholder and keen to reduce the environmental footprint or improve the security of the supply chain for the goods sold; the Innovation Partnership would be commissioned to launch themed challenges that explore alternative solutions. The best ideas would be selected and then progressed through the incubation process.