Return on Investment: EURO VS LEARNING
Corporate Innovation: Challenges and Strategies
Finding and scaling new business models and revenue streams is not easy. The game of corporate innovation has many challenges. Which strategy to implement? What is the definition of success?
Defining Innovation Objectives
It starts with having a clear understanding and definition of what innovation means to you and your organization. What are the related objectives? What do you intend to accomplish? When will you be successful? If you are not able to provide clear answers to these questions, you might end up with some expensive lessons learned.
Challenges in Corporate Innovation
Based on our experiences, most corporates seem to have struggles with:
- Defining and managing the innovation objectives
- Creating internal alignment on the related objectives
- Putting the right innovation strategy in place
- Mapping, understanding, and managing stakeholders’ expectations
- How to decide on H1, H2 or H3 innovation initiatives
Strategies for Corporate Innovation
There are basically two general routes to optimize, find, and activate new business models:
- Create your own internal moonshot and/or innovation labs obtaining ideas from your organization and accelerate them into successful new business (venture building).
- Activate a CSE strategy (corporate start-up engagement).
At THEBLUEGARAGE, we help corporations navigate the challenges of corporate innovation and identify the best strategies for their unique goals. Contact us today to learn more!
An CSE strategy for Corporate Innovation
An CSE strategy focuses on co-working with existing external start-ups in order to accomplish the innovation objectives faster.
Both strategies have some overlapping challenges;
- Selecting and forming the proper entrepreneurial teams (personality, mind and skillset)
- Putting the right gateway process in place to support the innovation process
- Implementing the proper start-up landing zone
- How to measure success based on which KPIs /OKRs?
- What remedies do you have in place in case teams do not perform according to expectations?
THEBLUEGARAGE can help. Drop us an e-mail at email@example.com and explore how.