Elijah Eilert speaks to Tristan Kromer about the fundamentals of a VC-like funding approach for corporate innovation that releases resources over time in exchange for specific evidence. Funding a startup or corporate venture from idea to scale is becoming increasingly outdated. Applying traditional stage-gate funding models for innovation projects come with a set of issues on their own. Discover the fundamentals of what Eric Ries calls Metered Funding and how to design an effective incremental funding approach for innovation.
Ideally, each decision point or gate is dictated by uncertainty. In reality, it does not really matter if the uncertainty relates to Desirability, Feasibility or Viability. If innovation accounting techniques are applied we can quantify where exactly the uncertainty lies. Otherwise, designing the first gate around desirability is probably a good bet. As for the vast majority of cases, a lack of customer understanding is the biggest risk.
As the founder of Kromatic, Tristan works with innovation teams and leaders to create amazing products and build innovation ecosystems.
Tristan has worked with more than 30 technology accelerator programs, including government-funded initiatives such as Innovation Norway, Vinnova (Sweden), Enterprise Ireland, NEST’up (Belgium), StartSmart (Estonia), and the Innovation Partnership Program (Vietnam-Finland). He has designed lean startup programs such as the Build or Die Bootcamp for TechBA (Mexico) and the Boom Reactor (Belgium) in addition to being part of Luxr, whose Core Curriculum has been used by 13 accelerators internationally, including Singularity University, 500 Startups, & The United States Innovation Fellows.
He has worked with companies ranging from early stage startups with zero revenue to established businesses with >$10M USD revenue (Kiva, Cancer Research U.K., TES) to enterprise companies with >$50B USD revenue (Unilever, Swisscom, Salesforce, Fujitsu, LinkedIn).
Tristan regularly speaks, appears on panels, and gives workshops internationally with organizations such as the Stanford Center for Entrepreneurial Studies & D-school, Global Product Management Talks, Lean Startup Machine, General Electric (GE), and more.
With his remaining hours, Tristan volunteers his time with early stage startups.
Originally from New York City, he has lived in Germany, Switzerland, Taiwan, and Vietnam, and currently resides in San Francisco, USA.