Organizing for Innovation
Chapter 10: Top ten best practices for managing corporate ventures
Despite the difficulties associated with the creation and management of corporate ventures, most of the organizations studied considered them key to their long-term survival. Corporate venturing allows them to catch up with new developments, enables them to reposition themselves and creates a window to new opportunities. It is vital for creating an ambidextrous organization that is efficient in terms of running its core business, while at the same time keeping an eye on future developments. Regardless of the vast differences in our cases in terms of technologies and sectors, we can identify many commonalities in terms of practices that seem to generate the best results. In an effort to distil the most important best practices, we have carefully analysed the cases and performed additional interviews with key stakeholders in the ventures. This investigation has led to some surprising, but robust, findings, which we outline below.
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