Exploiting Entrepreneurship and New Ventures
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In Chapter 9 we examined the processes necessary to develop new products and services within the existing corporate environment, based on the strategy and capabilities identified in Chapter 4. In this chapter we explore how firms develop and commercialize technologies, products and businesses outside their existing strategy and core competencies. We will discuss the role and management of internal corporate ventures and new ventures in the creation and execution of new technologies, products and businesses, specifically:
- internal corporate ventures, or ‘intrapreneurship’
- new ventures and spin-out firms
- factors which influence success and growth.
11.1 What is a Venture?
Ventures, broadly defined, are a range of different ways of developing innovations, alternative to conventional internal processes for new product or service development. We discussed in Chapter 9 the many benefits of using structured approaches to new product and service development, such as stage-gate and development funnel processes. However, these approaches also have a major disadvantage, because decisions at the different gates are likely ...