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Lessons from a low‐budget innovation centre
Author(s) -
McMullan W. Ed.
Publication year - 1987
Publication title -
randd management
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.253
H-Index - 102
eISSN - 1467-9310
pISSN - 0033-6807
DOI - 10.1111/j.1467-9310.1987.tb00053.x
Subject(s) - context (archaeology) , new ventures , business , budget constraint , marketing , value (mathematics) , value creation , entrepreneurship , economics , finance , industrial organization , geography , computer science , machine learning , neoclassical economics , archaeology
In the two years from November 1983 to September 1985, an experimental innovation centre was set up at the University of Calgary to offer services to community ventures by using the existing resources to serve those people developing new ventures in the community. A conservative estimate of $250, 000 worth of resources was leveraged out of an initial operating grant of $20, 000. Outcomes from the first year's operations included $ 1.75 million value added to 50 of 65 community businesses receiving support. This article places the strategy used at the University of Calgary's Low Budget Innovation Centre with the context of related strategies for supporting new innovative ventures. The history of the centre is reviewed, some lessons drawn, and an operational model formulated.