DE-RISK INNOVATION WITHIN LARGE ORGANISATIONS
The key objective of the Academy for Corporate Entrepreneurship has always been to increase the success rate of corporate innovation initiatives. The failure rate of a business venture is normally at 70-80%. Our goal is to revert that number by implementing the right structure and strict parameters to de-risk innovation within large organisations. On top of that, cutting cost up to 25%.
How do we do it?
A question that is almost always asked is: how can my company innovation within highly risk-averse corporate culture? This is an important question. Most large organisations do not like taking risks, and failure is generally seen as negative. However, it is through failure where we learn. The four parts of our 12 week curriculum are LEAN methodology, design thinking, sales and marketing and business model innovation. It is also a proven process that helps take risk out of the picture.
The use of the term “Lean”, in a business or manufacturing environment, describes a philosophy that incorporates a collection of tools and techniques into the business processes to optimise time, human resources, assets, and productivity, while improving the quality level of products and services to their customers. Becoming “Lean” is a commitment to a process and a tremendous learning experience should you attempt to implement Lean principles and practices into your organisation.
Speed up innovation
Talking about speeding up innovation, we always encourage organisations to ‘FAIL FAST’. Failing fast will allow you to fail more and learn more insights from these experiences within a shorten time span. That is why the term LEAN is being deployed in industries across the board since Toyota.
We also help organisation and their teams to embrace LEAN methodology while running experiments on their new business ideas. It can be a challenge as most organisations are used to conventional R&D processes which are often very costly. However, results have shown that by implementing lean practices, these organisations are essentially scaling down significant amount of time and financial resources to learn the insights that would normally take them 10 times longer to achieve. This also mean the ideas can iterate and pivot sooner. Is also effectively take the risk out of innovation by reducing time and money spent.
Transfer entrepreneurial skills & mindset
Create a setting where the corporate entrepreneurial spirit can thrive is the first step. The employees have to be fired up to contribute to innovation. In a previous blog, we discussed about how we can create a culture where innovation thrives. We encourage organisation to foster innovative culture from within, where employees are allowed and encouraged to take part in the corporate entrepreneurship initiatives. This is also the place given the context to educate these employees what it means to be entrepreneurial and how they could add tremendous values in the company. Hence de-risking the loss of valuable talents in a long run.
The Academy for corporate Entrepreneurship are often involved in the selection of ideas, candidates, to go through a 3 month accelerator process. Selected employees will receive great amount of skill and knowledge where they are asked to apply to their experiments during the course of 12 weeks, to de-risk innovation projects in their hand.
The Academy for Corporate Entrepreneurship structures programs to assist your Corporate Entrepreneurs through these steps. Use this free Intrapreneurship Program Design Tool to help you get started with designing your own Intrapreneurship Program. You can also request for a call or email us at firstname.lastname@example.org for further information on how we may help you.