- Innovation Family Planning. Defining the right balance in your innovation portfolio between existing and new business
- Organizing the innovation family. Implement the right set-up and way of working required for the whole family as well as for the individual members
- Business Model Innovation. Create new dynamic business models showing the rationale of how your business creates, delivers, and captures value
- Accelerating new business. Survive puberty by co-creating the market and scaling your business in an ecosystem with partners
- Business Validation Framework. Use a venture development framework to evaluate your innovation family as well as the individual members
- Think & Act as Entrepreneurs. Use a set of decision-making principles, used by entrepreneurs to rapidly sense, act and mobilize in situations of uncertainty (effectuation)
- Innovation performance management. Have a performance management system in place that is tuned to the specific needs of the different innovation family members
- The entrepreneurial toolkit. Use a set of tools to translate customer insights into value propositions and business models and to build partnerships for co-creating the market and to accelerate, applying the principles of lean start-up and effectuation
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Business Validation Framework
On innovation family member level
It is not only important to understand which type of innovation your business is, but you need also to determine the ‘age’ of the innovation family member as a venture has to pass through several stages of life from conception to adult. The age of a venture is not always obvious as teenagers often act as grown-ups. Using a venture development framework will help to determine the real age as well as provides direction to the family members as it describes the different requirements that one should address in each phase of the development. Finally, a venture development framework provides a common language across the company.
We have conducted many assessment using the venture development framework within large companies as well as standalone ventures. We have assisted companies with defining and implementing their venture development framework for their innovation family.
On innovation family level
Progress needs to be monitored at venture level, but the maturity of the corporate venturing unit and its instruments need to be assessed too. However, there is a difference in approach. A venture goes through the different stages of life, but a venture unit should be able to handle all stages of ventures simultaneously, i.e. early stage babies as well as late stage teenagers. To assess the maturity of the venture unit, we developed a venture unit maturity framework All building blocks have to be in place from the start and will mature over time.