A new model for unlocking the value of entrepreneurial businesses

Purpose – This article integrates observed leading practices for nurturing new businesses into a systematic approach for assessing and managing the risks of entrepreneurial businesses (start‐ups and new ventures within large organizations). Design/methodology/approach – Extracted management practices from systematic observations of successful and failed entrepreneurial business. Findings – The management practices of open innovation, experimentation‐driven discovery, and future‐back migration mapping can form the foundation of a systematic toolset for assessing and mitigating the basic risks and unlocking the value of entrepreneurial businesses. Research limitations/implications – Since the three management practices described are recent innovations, their benefits were not systematically qualified. Practical implications – These three management practices could help management and funding providers in VC and corporate environments weed out unviable ideas while nurturing promising opportunities that evolve into successful businesses. The end result should be that more good ideas will be funded, creating greater returns for capital providers and opportunity managers. Originality/value – Illustrates new application of three recent management innovations that can help unlock the value of entrepreneurial businesses.