From radical innovation to new business development. Why all good leaders should think about it.
For the last ten years we have focused on INNOVATION. We have learnt a lot about INCREMENTAL and RADICAL innovation. We have thought our companies to remember the OUTSIDE-IN and not only focus on the INSIDE-OUT perspective. We have applied creativity enhancing tools to our everyday processes.
Yet still, we rarely feel that our efforts are leading to the changes we want to see.
During the last few years, recession and stagnation have put a heavy burden on business leaders’ shoulder and their focus has mainly reversed to cost reduction and improving effectiveness.
However, a GOOD STRATEGY always balances the short and the long run. And in the long run, we want our companies to survive, adapting to the different and ever changing circumstances of the market, as animals and plants do: as living organisms, that find their way, no matter how difficult their environment is.
Innovation needs space to express itself. It will maybe start as a small sprout in the corner of your company. But if you recognize it as a value and you give it the needed attention, it might become the forest, you need to see in your future,MOVING FROM WHERE YOU ARE TO WHERE YOU OUGHT TO BE.
It’s not an easy journey. But it is worthwhile. It is one of the most important TOP LEADERSHIP RESPONSIBILITY but also one of the most overseen, since the focus on the short run often blindsides managers and investors from recognizing what can make a difference between survival and death.
Corporate entrepreneurship is an EMERGING MANAGEMENT DISCIPLINE, which is rarely thought at business schools. We learn and know how to RUN COMPANIES effectively. We know how to IMPROVE PROCESSES. We sometimes also know how to improve the chances for success for a START-UP company. However, very few are aware of the tools you need to have and master the use of, when you want the innovation you have fostered to give birth to a new BUSINESS from within you existing company.
So why should you expose yourself to learning about CORPORATE ENTREPRENEURSHIP?
- Because the market changes and the needs your company is answering to might change very fast. You need to change too. Slowly but surely. While running your usual business.
- Because the effective processes you are running and the lean routines you have developed might become the doorstop for innovation, reducing its capacity to adapt and evolve.
- Because all the effort you have put into fostering innovation and all the resources you have spent into training your people in this important discipline will be wasted if you as a top leader do not know how to support it.
As a first exercise in developing your corporate entrepreneurship awareness as a top manager, ask yourself the following questions:
- What do I know about corporate entrepreneurship leadership?
- How can I learn what to do to secure that innovation evolves into a new business?
- How does our corporate strategy balance the short and the long terms’ perspectives?
- What should HR be aware of when we set a strategic goal of improving innovation and fostering corporate entrepreneurship in our company?
- What processes and systems should be put in place to avoid that corporate entrepreneurship projects are suffocated by the running business?
Are you in your company explicitly working with corporate entrepreneurship? If yes, please get in touch and let us hear from you!