Designing the Successful Corporate Accelerator

CHAPTER 7STAKEHOLDER ENGAGEMENT

For any major initiative in a large organization, getting support from stakeholders is a critical step in ensuring that your project can go forward, have an impact, and continue to exist in the long term. Without stakeholder support, financial and human resources will eventually become scarce. Other projects with their own backers and competing visions take priority, and politics may create active opposition to your initiative. The need for stakeholder support for innovation projects – with their uncertain outcomes, longer time frames, and propensity to challenge the current established products and structures – is even more critical.

Stakeholder engagement is not important for corporate accelerator leaders; it's essential. You can have the most amazing program and the best startups participating, but if you have not taken the time to ensure the appropriate internal stakeholders are fully engaged and supportive along the way, the program itself may not receive continued support. Innovation programs take time and they are easily put on the chopping block when budgets are cut. Stakeholder engagement helps prevent, or at least minimize the possibility of, this happening. Stakeholder engagement can be a lot of work, but is well worth it in the end.

WHO IS A STAKEHOLDER?

A stakeholder is anyone who believes he or she has influence on, or is influenced ...