Industrial technology giant Fortive – based about 30 miles north of Seattle in Everett, Washington – is a holding company that owns several handfuls of smaller firms, mainly serving the industrial manufacturing sector.
Together, they developed a new "joint innovation lab" concept. Unlike some corporate startup accelerator efforts or so-called "intrapreneur" models, however, the joint innovation lab model does things a little differently. PSL brainstorms ideas for companies Fortive might like – meaning something that fits into, but doesn't compete with, the company's existing portfolio – and then finds people to run them, usually from within Fortive.
Founder Sheila Stafford used to work directly to Fortive, but now runs the company as CEO. Fortive and advisers from PSL act as TeamSense's board. Stafford, the TeamSense CEO, said the biggest difference between launching a new product or service within a company like Fortive and turning that idea into a startup is the speed with which you can operate.
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