Forget the buzz about empowering employees — hand them the keys. After bootstrapping fan and light maker Big Ass Fans to a $500 million sale, entrepreneur Carey Smith is starting over with an Austin-based incubator and a small team of fearless millennials. He’s tasked them with finding ventures with big potential.
Dubbed “The Kitchen,” the group evolved from a similar one at Big Ass Fans that developed big ideas totally separate from the company’s core business efforts like how to prevent the spread of TB in hospitals in Rwanda and Haiti.
And when the members of The Kitchen succeed, they’ll profit, too, as they have stakes in both The Kitchen and the companies they build. Learn about stock appreciation rights and other unique incentive models and how they can help grow your business.
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