By Luke Cherrington
We recently kicked off our second ZX Ventures Zxlerator in the heart of NYC. We have an amazing cohort of 50 (!) intrapreneurs and summer interns tackling 14 huge challenges. This is all driven by a key question, “How do you start new companies inside a large organization?” Let’s discuss.
Zxlerator is the internal accelerator program of ZX Ventures and AB InBev. We think we’ve built something unique. Accelerator programs tend to be run by investment vehicles with external, existing startups. Think Techstars, Angelpad, YCombinator, etc. They take an early stage company and give support, mentorship and investment to make it grow faster (i.e. “accelerate” it). We’ve built on this concept. Using Zxlerator, we take internally-generated ideas and put them through a structured three-month program to see if they can develop into validated, launch-ready businesses.
During the program, existing employees and summer interns work together to identify a real problem, validate a solution, and build a viable business model. Basically, they start a business. These ventures are early stage – often starting from just an idea – so we start out with an intensive two-week boot camp. This is a crash course in how to start a company. During boot camp you’ll hear phrases any experienced entrepreneur would recognize. Build, measure, learn. Desirability, viability and feasibility. Experiment, experiment, experiment. Now that we’re into the core program, teams have a slew of internal and external mentors to call on, and programming designed to help them leverage our core business. We’ll wrap the program with Demo Day, and make final decisions on which ventures we’ll fund.
The ventures in Zxlerator, first and foremost, are solving real problems for real people. We’re not looking for incremental innovations to existing products or processes within our business. Our core innovation team can (and does) crush that type of innovation. We’re focused on new problems that have yet to be addressed. We also expect teams to adapt and pivot from their initial thesis. Testing, learning, and potentially changing course if they find a more important problem to solve. It’s agile innovation.
So why did we create Zxlerator? Simply put, we needed it. If you’re going to fail (most new product innovations do), better fail fast and fail cheap. Learn, adapt, and try again. This isn’t exclusive to AB InBev. All companies are quickly understanding it’s critical to add this new methodology to time-tested innovation. Exploring, validating and launching new ventures on the pillars of lean and design thinking. It’s also imperative internal intrapreneurs are given a vehicle to build inside their company. Zxlerator is our vehicle.
And it really is all about the people. Whether for interns or longtime employees, Zxlerator offers the experience of an entrepreneur with the support and resources of a global company. From the very first day of the program, they are treated as founders who own a business – and are expected to demonstrate the ownership and urgency worthy of the title.
We have every confidence this summer’s cohort is going to absolutely rock it and build investment-ready businesses. It is an experience unlike any other – transformative for both our participants and our company – and we couldn’t be more excited to see where the teams land.