What used to be a job created by venture capital firms to give them something worthy of investment has turned into a hot a new trend in business. The position of entrepreneur in residence is growing in popularity. If you want to start an entrepreneur in residence studio, you need to understand the trend.
What Is Entrepreneurs in Residence?
Entrepreneurs in residence used to be temporary positions for startup companies who could help venture capital firms that had a high-level strategy. You would introduce other entrepreneurs and potential new deals to the companies’ owners. Entrepreneurs in residence were given a salary when they weren’t inventing or launching a company. Then, they got an investment in the next big thing.
However, the trend is that venture capital firms are changing what entrepreneurs do. They now run a project that engineers don’t want to do. Besides venture capital firms, entrepreneurs in residence are found at universities. Colleges employ entrepreneurs in residence as advisers to help students and faculty make the most of their innovations so they can turn them into businesses.
Corporate America is the best place for entrepreneurs in residence. They connect entrepreneurs to the corporate world to shape the changes in industry. In other words, entrepreneurs in residence are looking for the product that will launch the company into the hottest trend, giving them the sales and direction of the future. Companies with entrepreneurs in residence are poised to win consumers on what the next hot ticket is.
Why Do Companies Need Entrepreneurs in Residence?
If your business is to deal with entrepreneurs, then, you would be smart to hire an entrepreneur in residence. For technology companies, it helps to talk to the people who use your products to find out how they use it.
Small business and startups don’t have information technology experts on hand. They also don’t have chief information officers. They don’t think about speeds and feeds. You need to talk the language of entrepreneurs, of the benefits of the products to reach that audience. Entrepreneurs can talk to entrepreneurs.
Part of the trend that’s happening right now is more companies are willing to share their experts. Not too long ago, they held their employees and carefully guarded secrets under lock and key. Large corporations can’t remain profitable if they don’t remain innovative. Entrepreneurs become the innovators.
How to Find Good Entrepreneurs in Residence
To be effective, you should hire an entrepreneur in residence who actually served as an entrepreneur in the real world. You want someone who has built and sold a number of companies in a number of industries. They would understand the startup market and the needs of entrepreneurs. At the same time, they show that they are credible with a track record to the corporate big-wigs. To gain knowledge of the startup market, you can use a startup studio program that teaches about the nuances of startups.
Besides experience, entrepreneurs in residence have to be able to communicate in both directions. They have to listen and instill knowledge to customers and corporate employers.
They have to have passion to make things happen. They are charged with creating transformational change to ordinary corporate structures and cultures. Because of these challenges, they have to believe 100 percent in their mission. They have to believe it matters.
- A robust network of contacts to bring in new deals and expedite current projects.
- Startup experience that involves knowing what it takes to be successful.
- A fixer or someone who can solve problems as they occur
Entrepreneurs in residence are turning the tide on corporate America. They are allowing innovation to be alive and strong. The trend to hire entrepreneurs in training is growing quickly. Those who embrace innovation are crushing the competition in their industries and being the first on the market with a new item. Being first is always important because corporations can gain market share before copycats enter the arena.
You should consider hopping on the entrepreneurs in residence bandwagon before the trend disappears. You will benefit from having new ideas brought to market and being more profitable.
Featured photo credit: Entrepreneur in Residence Bandwagon via lifehack.org