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Boeing Starts Program to Incubate New Ideas

September 07, 2000|Bloomberg News

Boeing Co., trying to jump-start growth now tied largely to aircraft sales, is setting up a $200-million venture capital-style fund to buy new-business ideas from employees. Chief Executive Phil Condit told employees about the program at the company's headquarters in Seattle, company spokesman Larry McCracken said. Employees with solid business plans would get money from the fund. Boeing would then own the business, McCracken said, though the employee might keep a stake. The five-year fund would have about $40 million a year in seed money for employees' ideas, hoping to turn them into new Boeing businesses, joint ventures or successful spinoffs, McCracken said. Boeing shares rose $2.38 to close at $57.81 on the New York Stock Exchange.

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