Boot Camp for Entrepreneurs

This article discusses the concept of Entrepreneurial Boot Camp that was used by Lucent Company to discover a way to turn small teams of employees into sources of innovative business ideas. The idea behind Entrepreneurial Boot Camp was simple. Small teams of employees would rally around an idea. Anyone could submit an idea or join a team, from researchers to office clerks. First, employees published their ideas on a website. Then everyone interested in joining a team gathered in an auditorium where the idea owners gave five-minute presentations. Afterwards, everyone adjourned to the cafeteria, where idea owners talked with people who wanted to work on a project. Those five people could come from anywhere in Lucent. The Boot Camps continued after Alcatel acquired Lucent in December 2006. More than 80% of the plans accepted by the company’s Innovation Board have been developed into new market opportunities. The most advanced is Touchatag, a wireless service that supports mobile payments, customer loyalty programs, and interactive advertising.