In this episode of the Building Value in Innovation Ecosystems (BVIE) podcast, we had the pleasure of speaking with Ilya Tabakh, Entrepreneur in Residence (EIR) at Black & Veatch. Ilya shared his journey from academia to entrepreneurship and how he now bridges the gap between innovation and infrastructure at one of the world’s leading engineering firms. Below are key takeaways from our conversation.
Understanding the Role of an Entrepreneur in Residence (EIR)
- Liaison Between Worlds: Ilya acts as a bridge between Black & Veatch's innovation initiatives and the external startup ecosystem, translating entrepreneurial insights into the corporate context. The role of an EIR is multifaceted and often involves identifying and evaluating new business opportunities, as well as providing expertise to help startups navigate challenges.
- Experience Matters: With a background in both startups and academia, Ilya brings a unique perspective, helping startups understand the regulatory and safety requirements of industries like energy and water. EIRs like Ilya typically have a history of successful ventures and are brought into organizations to leverage their expertise in guiding entrepreneurial endeavours.
- Flexibility and Autonomy: EIRs generally work on a short-term basis, during which they have a degree of autonomy to explore new ideas and approaches. This allows them to provide fresh perspectives and strategic guidance tailored to the specific needs of the organization they are embedded in .
Fostering Collaboration Across Stakeholders
Knowing Your Strengths: Ilya emphasizes the importance of understanding and communicating one’s unique skills and experiences, which helps in navigating diverse relationships within the organization. Entrepreneur in Residence often work closely with a startup's founding team to shape business strategies and provide mentorship, drawing on their own entrepreneurial experiences.
Strategic Alignment: Understanding the overall strategy of the organization, not just the innovation strategy, is crucial for fostering meaningful collaborations and driving projects forward.
Common Misconceptions About Innovation in Large Organizations
- Resource Myth: Startups often assume that large corporations have limitless resources and can do anything if they just get a meeting. However, understanding the corporation’s specific needs and constraints is key to successful collaboration.
- Decision-Making Differences: Large organizations have longer decision-making processes than startups, where decisions can be made quickly. It’s important to understand these dynamics to avoid misalignment.
Advice for Large Organizations Seeking to Innovate
- Be Intentional: Ilya stresses the importance of being intentional about why you want to work with startups. Whether it’s to see new technologies or to collaborate on execution, having a clear purpose is essential. EIRs can play a critical role in fostering innovation by helping large organizations evaluate new business opportunities and providing strategic guidance .
- Understand Your Role: Large organizations should think of themselves as enablers of innovation rather than just consumers of it. They should aim to co-create value with startups rather than just providing resources.
Insights on the IgniteX Accelerator and Climate Tech
Focus on the Future: Black & Veatch’s IgniteX Accelerator is focused on climate tech, aiming to partner with startups that are ready to take their technologies to the market.
DOE-Funded EPIC Prize: The recent EPIC Prize win has enabled Black & Veatch to further its work in sustainability and climate resilience, reinforcing its role as a leader in critical human infrastructure.
Emerging Trends in Critical Human Infrastructure
Energy Transition: Ilya is particularly excited about the ongoing energy transition, where clean energy sources like wind and solar are becoming more economically viable.
Carbon and Climate Conscious Decisions: As society becomes more aware of the impact of carbon emissions, there is a growing emphasis on making financially and environmentally responsible decisions.
Strategies for Working with Startups
- Push Forward Risk: Ilya advises companies to identify and address potential risks early in the collaboration process. This approach helps avoid costly mistakes down the line.
- Build Relationships: Long-term success in innovation often depends on building strong relationships with startups, where both parties are committed to mutual growth and success.
Final Thoughts: Books for the Innovation Journey
Essential Reads: Ilya recommends classics like The Innovator's Dilemma and Lean Startup for understanding the tactics of innovation. He also suggests Team of Teams by General Stanley McChrystal for insights on team dynamics and decision-making.
Beyond Technology: Innovation isn’t just about technology; it’s also about understanding human behavior and decision-making, which is where books like Thinking, Fast and Slow by Daniel Kahneman come in handy.
Discover the full list of recommended books by BVIE guests HERE
Conclusion
Ilya Tabakh’s experience and insights highlight the importance of strategic alignment, intentionality, and risk management in fostering innovation within large organizations. By understanding the unique strengths and needs of both startups and corporates, companies can create lasting value in today’s rapidly evolving ecosystems.
For more information on the IgniteX Accelerator or to apply, visit bv.com/ignite.
To learn more about Building Value in Innovation Ecosystems, click HERE.
