Page 154 - Grow from Within Mastering Corporate Entrepreneurship and Innovation

Which Model Is Right for You? 141

people aren’t effective in pursuing opportunities that fall
between the cracks of the current organization, that is, “white-
space” opportunities.
Consider the following three potential objectives for a cor-
porate entrepreneurship initiative. They encompass the objec-
tives that corporate entrepreneurship teams are typically
founded to accomplish.

1. Invent and build truly new businesses for the company.
2. Assist existing business units to create new products or
services; in-license or out-license products, technologies,
or other intellectual capital to capture value; or transform
the way they do business.
3. Nurture a culture of innovation companywide.

Each objective can add value, but each is also quite differ-
ent from the others. What types of people, capabilities, and
processes would your firm require to build new businesses?
The emphasis would need to be on market strategy, business
model definition, and an entrepreneurial aptitude. You may
also benefit from setting up a separate organization to incu-
bate new concepts that don’t fit within your existing business
units. If you’re focused on helping business units apply inno-
vative thinking to established lines of business, having deep
technology expertise may or may not be what you need. Many
technology-oriented companies gravitate naturally toward
new business development through leading new technologies,
which requires exceptional engineering and technology
expertise. But it may make more sense to focus on licensing
existing intellectual property, which requires strong legal, net-
working, and negotiation skills. More important, bringing
unfamiliar ways of thinking to core businesses requires polit-
ically savvy individuals with consultative, facilitative, and