For many companies, committed involvement in the startup ecosystem is a great way to develop innovation capability, build culture and potentially discover products or services that can become part of their portfolio.
The Red Bull Launch Institute is Red Bull’s newest foray in the startup world, with a particular focus on discovering, coaching and creating opportunities for collegiate entrepreneurs. The Launch Institute attracted 140 applications competing for the opportunity to attend the Innovation Summit and secure access and attendance of TechCrunch Disrupt, plus the opportunity to pitch in front of Silicon Valley investors and entrepreneurs.
The three selected finalist teams included an Austin-based ride-share app called Hitch, an online clothing platform called Swayy that helps college girls navigate campus life, and Cy5, a connected biometric tattoo. Over the course of an intensive 3 days, Fahrenheit 212 partnered with the Red Bull Launch Institute and Jeff Taylor from TechCrunch Disrupt to coach these young entrepreneurs on refining their business ideas and honing their investor pitches.
The three-day Red Bull Launch Summit gave the participating teams of entrepreneurs a new way of thinking about their business, and the tools necessary to keep their ideas fresh. The entrepreneurial spirit that drives the world of startups also resonates with the team of Fahrenheit 212 coaches. It’s this shared entrepreneurial DNA and our innovation teaching culture that inspired the collaboration and partnership between Red Bull Launch Institute and Fahrenheit 212.
Here’s what a few of our coaches had to say about the experience of working with the Red Bull collegiate teams:
“I think that [coaching] just makes us better at our jobs, being able to help these young entrepreneurs make their ideas a bit stronger, both from consumer and business stand points. It’s also just so inspiring seeing a version of yourself, several years back, thinking about how brilliant our next generation is going to be.” Jenny Wu
“[Coaching innovation means] you’re really helping them with the tools they need so they can create an innovation, discipline, and culture as they grow their business.” Lissa Fedrizzi
“The hard part about the Summit is not giving them answers… but giving them great questions that provoke their thinking… our coaching is really about finding those places where we can add fresh thinking and a fresh perspective.” Aayush Gupta
“I’ve really enjoyed the different pace of it. It is like a one day sprint to get to answers. Often, our work is constrained by timelines and deliverables. Here, the only incentive is unlocking your mind and finding the best answers.” Corey Newman
“I found it valuable to get a perspective about what's on the mind of the next generation of entrepreneurs, and giving them better tools to solve problems. It also builds our expertise to work with their knowledge and schooling.” Stephanie Costa
“What I like about coaching innovators is, it’s a chance for me to return the favor to some of those people who are still my mentors today, when I was in school. Had I not had those opportunities, I am not sure if would be where I am today.” Tom Abraham
An ethos of innovation and entrepreneurship lies at the heart of the coaching program developed for the Red Bull Launch Summit. Led by Janet Planet, Fahrenheit 212’s Head of Idea Development, the program is anchored in Fahrenheit 212's Money and Magic approach, which ensures that innovation solves for the needs of both consumers and the company.
“The innovation coaching we did for Red Bull Launch Institute will help these students to become capable entrepreneurs for life, with new skills in creating ground-breaking innovations that deliver outcomes and impact,” said Janet.
Read the Forbes article on the Red Bull Launch Institute Summit here.