The business 10.10.10 attempt to help entrepreneurs find problems to resolve, but its founder learned that his venture will be most successful if it targets one sector at the same time.
Large, bureaucratic organizations aren’t always equipped to innovate. Startups, however, are a lot more nimble with regards to identifying problems and solving them. However, not absolutely all entrepreneurs are attuned to the issues that a lot of need solving. Larger institutions frequently have a better sense of these, they just don’t have the opportunity to tackle them.
That’s why Denver-based entrepreneur, investor and startup advisor Tom Higley, who has founded and run seven companies throughout his career, founded the nonprofit 10.10.10. Calling it a “venture generator” and a “problem-solving machine, Higley and his team organize 10-day events where they gather 10 individuals who know they would like to take up a company that fulfills a need in society, but just aren’t sure which problem to defend myself against. Partners pitch 10 “wicked” or highly complicated problems to, generally, serial entrepreneurs, and cause them to become create a solution. Higley says it requires “some sort of Elon Musk” to follow problems like these.
Initially, when he was seeking to address these big challenges, Higley attempt to solve all of the big problems of the world. But what he learned quickly could it be is better to start out by concentrating on one concrete problem area, instead of make an effort to generate ventures specialized in from security to climate to health from the get-go. A colleague advised him that health will be a prime place to begin. It’s a location that affects everyone’s lives but is suffering from inefficiency. While Higley, who had never worked in medical space, says he was worried this focus will be an excessive amount of a learning curve for him, today, 10.10.10 is gearing up because of its third annual health event, planned come early july. And later this season, it’ll finally expand its focus to smart cities.
The serial entrepreneur and 10.10.10 founder spoke with Entrepreneur about the “tension between focus and scale” that the business has already established to balance.
This conversation has been edited.
What perhaps you have learned all about growth while doing good? Our vision is approximately addressing wicked problems in health, water, food, energy, learning, infrastructure, waste, security and climate change, but tackling all those things as well is a bit like deciding you’ll colonize Mars in a few days. Beginning with a concentrate on problems in health really helped people understand the nuts and bolts of what we do. But that sort of focus can allow visitors to lose sight to the fact that you need to colonize Mars. So creating our cities program has been the response to helping people understand the energy and need for scale.
What perhaps you have learned all about culture while doing good? We discuss what we do as creating a wormhole that connects two really disparate cultures. Similarly, you have the assortment of people that operate in the entrepreneurial ecosystem. However, you have large organizations and institutions. And these cultures are so radically different. They have a different vocabulary. They have a different dress code. They have completely different notions about success. So, part of what we do is in fact about learning, in order that entrepreneurs and large organizations and institutions can interact and deliver value.
What advice have you got for other businesses seeking to do good? You are able to do this, and the world needs more of you. In order you seek to accomplish good, my profound expect you is that you see methods to encourage others to become listed on you in this, to improve how big is the pool of entrepreneurs who are playing that game. It’s not only about you. You hear the expression, ‘It requires a village.’ We actually say, ‘It requires a village of villages.’
If you’re really wanting to do good, and do good in a business context, think very difficult in what you are investing your daily life in and whether it’s worth that investment. There’s a issue of entrepreneurs who haven’t understood that their investment of their own time, energy, effort or even their money is a bigger investment than any venture firm puts right into a company they’ll operate or create. And you may know more about this than you imagine y