Embracing Corporate Venturing: Navigating Innovation in a Dynamic Business Landscape
Companies today operate in a complex and rapidly changing technological landscape, facing significant innovation challenges due to an unpredictable and dynamic business environment.
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Historically, various models of corporate innovation, including R&D, joint ventures, intrapreneurship, and change management initiatives, have helped large companies maintain a competitive edge. However, innovative and disruptive ideas are increasingly introduced by visionary entrepreneurs. Start-ups, with their agility, new technologies, innovative business models, and speed, have the potential to create significant disruptions.
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To compete in this challenging business environment, large companies are increasingly adopting the corporate venturing model. This model aims to:
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Support innovation and entrepreneurship outside the corporate structure
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Integrate potential solutions that align with their business objectives
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Fund disruptive innovations to stay ahead of the competition
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Combine corporate open innovation with corporate venture capital
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Contribute to innovation and entrepreneurship through corporate venture capital initiatives
Execution Framework
Focus on employee retention
This plays a significant role in future-proofing our business, and with the uncertainty surrounding climate change (amongst other things), now seems like a good time to revisit this.
1
Hire temporary
workers
Considering the uncertainty of future outcomes in employment, the organization should consider hiring on a temporary basis. This may help us meet the demands of our clients.
2
Outsource critical business processes
We are considering outsourcing some of our critical business processes. Our primary goal is to reduce costs in order to keep our pricing competitive and profitable.
3
Develop a new product strategy
We recognise that it is time to develop a new product strategy. One that will consider all aspects of the subject and provide a number of opportunities for massive growth without cannibalising our existing business.