Webster Center for Innovation Blog

Editor's Choice

From an outsider perspective, gathering funding for a new business is viewed as simply as "Just get an investor!" This suggestion is casually stated to entrepreneurs or those who wish to be entrepreneurs in the spirit that it is the end all be all suggestion.  What many do not understand is that there are many different types of investors and each bring something different to the table.  Here are some of the most common investors:

Banks and Traditional Loans - loan borrowers required to produce collateral; no oversight of business as long as payments are made on loan

Angel Investors - individuals with a net worth over $1 million that seek out early stage opportunities for investment; typically provide advice and direction for company as part of investment

Venture Capitalists - individuals or companies that invest once a business is showing significant revenue; typically provide advice and direction for company

Personal Investors - family and friends that invest in your business; typically completed as gesture of goodwill

Editor's Choice

It is a very common question for people to ask each other, whether in a business or casual setting, "What kind of business do you work in?" While this very broad question does open up doors for you to describe your industry, company and perhaps product line you work closely with, it doesn't say very much about how this was brought to be.  For an entrepreneur, the question of "What kind of business are you in?" will often fall short to describe the work they are actually doing.  The question, "How do you do practice business?" or "What stage is your business at right now?" would be more apropos.  The primary reason for this distinction is that entrepreneurs have to work through a process when forming a new business.  To be a successful entrepreneur, focusing on Process Orientation is crucial.

Editor's Choice

While most individuals would not consider themselves entrepreneurs, understanding the way that an entrepreneur thinks and approaches new ideas and opportunities is an easy way to stand apart from your peers.  This understanding is the building block to corporate entrepreneurship within an organization.  Corporate entrepreneurship is when an individual or group of individuals pursue a new idea or opportunity within a large organization to provide additional efficiencies or revenue streams.  Essentially, maintaining growth and innovation within an organization.  In the fast paced global marketplace we live in today, remaining efficient and innovative is crucial for any organization to succeed and why corporate entrepreneurship and fostering an entrepreneurial mindset is so important.

Opportunity in hand
Editor's Choice

Picture this: two young entrepreneurs trying to make money on spring break; it’s March and the weather is starting to get warm but can still be brisk at times.  Both individuals have an idea to make a little money on their Spring break by selling ice-cold lemonade at a stand in front of their houses for local business people to purchase while walking by.  While the individuals have the same idea, their locations differ in that one lives on a street running North and South and one lives on a street running East to West.