Leadership Article 3 Page 10

Lerner proposed that corporate−led VC programs are the way to finance external Startups who develop projects that complement their vision. Google does this often. The iFund, a joint venture between Apple and Kleiner Perkins, drove investment to develop iPhone apps. The impact is clear to see today in the App Store today. A masterstroke.

Final Thoughts

Lerner advocates innovation incentive programs. A model that focuses on recognition as well as financial rewards. He recommended that firms host innovation contests, rewarding teams, or individuals who create new products or solve problems. Hackathons are one such example.

“I don’t present these approaches as cure−alls, saying if you just run a contest or a corporate venture program everything’s