Greg Wasson, once Chief Executive Officer of Walgreens, has started Innventure. He started the company to assist corporate behemoths identify the technologies which they have developed to milk their commercial potential. Innventure will also help the corporations to spin them off into independent, profitable businesses.
Bridging the corporation start-up divide
Wasson's aim is to bridge divide which exists between start-ups and large corporations. It will be a boon if new businesses are formed in the process. Innventure is presently headquartered in Chicago. It is created as joint venture of Wasson Enterprise, the investment company headed by former Walgreens CEO, and a distinct start-up known beforehand as Innventure. He said that the new company has already attracted a number of entrepreneurial start-ups and also a number of multi-national corporations. Interaction between the two vastly different entities are made smooth due to Wasson's personal experience as a CEO of a major corporation.
These schemes work best with corporations that have effective Research and Development departments. These companies could have technologies which they worked on but did not want to enter the business of actually using that technology and manufacturing the product. The online competition is expected to radically change the nature of the industry. This is as many brick and mortar traders or retailer s are looking for start-ups and vice-versa. The new scheme will have the best mix of online and brick-and-mortar. Consumers will be won over by such a blend.
Wasson's new role in Innventure is co-founder and chairman. The CEO is Michael Otworth. Innventure, before Wasson took it over, had secured Procter & Gamble as client. The company had created Pure Cycle Technologies, a kind of plastics recycling company. The technology used is he intellectual property of Procter & Gamble.
According to Wasson, the new Innventure is getting interest from a number of multi-national companies. This model is dependent on spotting the commercially viable technology present inside the corporate behemoths. It will also identify business models recruit talent, form a new company and recruiting talent.
Procter & Gamble will receive all licensing fees for the Pure Cycle. The future companies could be made based on a number of other different financial arrangements. This model is similar to the research universities which license out the intellectual property to the start-up companies. This is done in exchange for licensing revenue or an ownership stake.