Another great session with the Stevens Institute Symposium. This session focused on corporate venturing and open innovation with sessions lead by Hila Lifshitz of NYU, Josh Lerner of Harvard, and Henry Chesbrough of UC Berkeley.
New Business Incubators, Innovation Labs, or Innovation Programs within mature companies have a pretty high failure rate and are often limited to a 3-4 year lifespan. There are many potential failure mechanisms that drive this outcome, not just one or two, so all the key elements listed below are required to be successful.
This is a question that was put to us recently online. It’s a big topic and more detailed answers will depend a lot on your specific circumstances, but we’ll try to touch on some themes that should be broadly applicable.
An important, but often overlooked, aspect of managing innovation efforts is how success and failure are defined and how they are recognized and rewarded.
How do I manage innovation more proactively? How can I ensure our innovation investments are generating positive results? These are good questions that good business innovation leaders should be asking themselves. An Innovation Framework is a model that can help to clarify and institutionalize your answers to those questions and more.
BRI is a proud sponsor of the first Venture Olympics, a conference designed to create win-win partnerships between large corporate innovators, tech startups and venture funders. Subscribe to our mailing list and get a discount code good for 20% the registration fee.
As a company's core business matures, its leaders will need to exercise different strategies to explore more diverse business opportunities if they want to maintain higher growth rates on a larger revenue base. This often presents mature companies with a conundrum.
