Corporate entrepreneurship is democratized way of innovation. It is bottom-up driven and targets to utilize individual skills, entrepreneurship talent, ambitions of the employees. You can review our viewpoint toward corporate entrepreneurship in our featured insight report.
In our opinion, corporations can become ambidextrous if they consider the corporate entrepreneurship journey as a marathon. Senior management’s frequent delusion is to expect remarkable quick results after initiating corporate entrepreneurship programs, selecting a few product ideas, and building cross-functional teams. Short-term executive presence and institutional ownership are negatively correlated with corporate entrepreneurship activities and performance. Rather than announcing highly publicized, fancy programs, the entire organization should focus on learning, and improving. There will be failures, but in the long run, it will pay off.
In today’s tumultuous environment, internal resources are frequently inadequate to develop new technology and market innovations. There are mainly two open innovation approaches with dozens of tools.
- Collaborating an outside technology with the internal market and customer expertise
- Monetizing an internal R&D or technology capability with outside market development expertise.
Open innovation practices are difficult to implement and have multiple challenges. Our focus is to help our clients to overcome those barriers to run a successful open innovation program.
New Business Development
In many instances, visionary corporate leaders drive innovation and new business opportunities with a top-down approach. The challenge of this approach is to validate the market opportunity and orchestrating the internal resources that focus on sustaining the existing business. We support leadership with our tools and frameworks to reduce the risk and increase the chance of success of the new business development endeavor.