Many established large organizations are struggling with innovations, due to the lack of the culture of innovation or the internal business capability & capacity to support it. Especially for business model innovation, it runs up against a "not now, later" obstacle. As a business leader, you know you may be vulnerable and should do something, but you also know that, by definition, such innovation will be disruptive to the current business. So what are the strategies and methodologies to advocate business model innovation? Can corporate entrepreneurship be seen as a business model innovation?
Innovation culture cultivating, capacity building is a long journey not a short fry in the pan: Leading organizations are not waiting until there is an immediate pressing task. Leaders realize that continuous adaptability is necessary in a continuously changing world. It will be disappointing for those who wait until the last moment of some strategic or tactical task and then expect innovation to be forthcoming magically but come up short. For strategic innovation, the leadership team has to become involved in that capacity construction.
Visualization enables people to bridge between the innovations of tomorrow with the business realities of today: That being said, the more tangible the innovation becomes in a visual form, the more it becomes evaluated on this execution alone. However, it's quite another level of challenge to develop visual *thinking* skills, the ability to see object-relationships and the ability to see object-relationships morphing through space-time are both marketable skills. The ability to see the "gaps" between object relationships and map these into the future
Road-mapping the future has much to explore through horizontal approaches, such as portfolio mapping, scenario making, and resource allocation: The 'art' of comparing and contrasting makes for great ways to inform- but so many organizations lack a focused view on competitors, changing situations, alternative solutions and without this 'collective' place to gather around, you can't hold conversations around how their own set of propositions might evolve or is lagging behind.
Can corporate entrepreneurship be seen as a business model innovation? Because if an established firm identifies a new value proposition that requires a change in the business model or the creation of a new one, then it's strategically safer to develop an independent venture. If this is so, you could say that every corporate venture comes with a business model innovation (for the firm) but not all business model innovations need to become new ventures. The Corporate Entrepreneurship activities can improve organizational growth and profitability and, depending on the company’s competitive environment, their impact may increase over time.
Corporate Entrepreneurship is embodying risk taking, pro-activeness and radical product innovations: Corporate Entrepreneurship has been recognized as a potentially viable means for promoting and sustaining organizational performance, renewal and corporate competitiveness over the past three decades. The empirical evidence is compelling that Corporate Entrepreneurship improves company performance by increasing the firm’s pro-activeness and willingness to take risks, and by pioneering the development of new products, process and services through enriching its competitiveness. The entrepreneurial activities help companies to develop new businesses that create revenue streams. Corporate Entrepreneurship activities also enhance a company’s success by promoting product and process innovations.
The creation of corporate entrepreneurship activity is difficult: Since it involves radically changing internal organizational behavior patterns. Many studies have attempted to understand the factors that accelerate or impede Corporate Entrepreneurship, which examined the effect of a firm’s strategy, organization and external environment. It appears that the environment plays a profound role and influencing. There is consensus that the external environment is an important antecedent of Corporate Entrepreneurship.As a distinctive features of new businesses present three challenges.1) First, emerging businesses usually lack hard data. That’s particularly true when they offer cutting-edge products or when their technologies aren't widely diffused in the marketplace. 2) Second, new businesses require innovation, innovation requires fresh ideas, and fresh ideas require mavericks. But many leaders are trapped by conventional thinking. 3). The third challenge is the poor fit between new businesses and old systems. That’s particularly true of systems for budgeting and for human resource management
There is no such universal way to do innovation, the creation of corporate entrepreneurship is to boost both soft success factor like culture and hard success ingredients like business capability and capacity, to drive business's long-term success.
Leaders realize that continuous adaptability is necessary in a continuously changing world. Accolade Corporate Events
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