TABLE: Making It Work

Establishing a business lab takes careful planning. Here's what each generation should contribute

THE NEXT GENERATION -- Draft a business plan outlining ideas and goals -- Propose budget, including revenue projections -- Address concerns of board members -- Report regularly on the venture's progress -- Build relationships with company employees at all levels

YOU -- Sign off on a formal business plan -- Fine-tune budget and provide seed money -- Secure board's buy-in by showing your support -- Schedule periodic check-ins with your child -- Hire employees for the venture or encourage current employees to take part

    Before it's here, it's on the Bloomberg Terminal.