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.
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.
To compete in this challenging business environment, large companies are increasingly adopting the corporate venturing model. This model aims to:
-
Support innovation and entrepreneurship outside the corporate structure
-
Integrate potential solutions that align with their business objectives
-
Fund disruptive innovations to stay ahead of the competition
-
Combine corporate open innovation with corporate venture capital
-
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.