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United States, USA, United States, USA, United States, USA, United States, USA, United States, USA
Venture strategies are the key source of
the corporate top-line growth. Durable
corporate venture strategies include
internal investment in innovation, new
product/service development, and
in-company ventures, new business
creation though spinouts, and external
venture investing in new technologies
and emerging markets.
The most successful companies are those
that have developed aggressive venture
strategies and have made ventures
critical components of their strategic
and operating success. For today's
corporations, traditional internal
expansions, efficiency improvements and
"synergistic" acquisitions are no longer
sufficient sources of growth in most
industry segments that had grown crowded
and hypercompetitive. The new challenge
is to search for emerging "white space"
opportunities, new-business creations
that would meet the unmet, unserved
needs of customers in emerging markets.
In ventures, large and midsized
companies can discover a source of
growth they are striving to achieve. New
business creation has become central to
achieving strategic and financial
objectives of market champions. "Silicon
Valley wouldn't exist if big companies
couldn't identify technology and market
opportunities and move with speed to
capitalize on them", says Mike Moritz of
Sequoia Capital Partners.
3.Building
a top management team long before the new
venture actually needs one and long before it
can actually afford one
2."Hitting
Them Where They Ain't" - either by "creative
imitation"; or by "entrepreneurial judo", a
Japanese concept that enables newcomers to
catapult themselves into a leadership position
against entrenched, established companies
4.Changing
the economic characteristics of the product, a
market, or an industry - by creating utility, or
pricing, or adaptation to the customer's social
and economic reality, or delivering what
represents true value to the customer.
Selling is not about content, it is about fit. The analysis of the market
potential and search for the right fit separates
the inventor from the entrepreneur. What makes a
venture succeed is the ability to identify
emerging attractive markets and to seize on
unmet, unserved customer needs. Successful
business is ruled not by the founders'
decisions, but by the marketplace. And the
marketplace, in turn, is ruled by "fears and
passions". People will only buy what they want
to buy, or are afraid not to buy. And these
"fears and passions" change every day.
Innovation and Innovation Management
To survive in the new competitive environment, no enterprise can afford to stand still. In today's knowledge-driven world, new technologies appear at shorter and shorter intervals. Innovation thus should be not a one-off event, but a continuous response to changing circumstances. Sustainable innovation system doesn't not just help to solve a problem but creates a new capacity, opening up opportunities for further innovation.
Innovation is the conversion of knowledge into new products, services, processes, strategies or business models. It should not be limited to development of new products only. New processes and methods can be more powerful in helping you to win sustainable competitive advantage. All have to be open to new ideas, new ways of working, new tools and equipment, and be able to absorb and benefit from them. A policy to enhance innovation must be present in a modern enterprise policy as one of its main components.
Cultural Intelligence, Managing Cultural Differences
Culture in general is concerned with beliefs and values on the basis of which people interpret experiences and behave, individually and in groups. Broadly and simply put, "culture" refers to a group or community with which you share common experiences that shape the way you understand the world. The same person, thus, can belong to several different cultures depending on his or her birthplace; nationality; ethnicity; family status; gender; age; language; education; physical condition; sexual orientation; religion; profession; place of work and its corporate culture. Culture is the "lens" through which you view the world. It is central to what you see, how you make sense of what you see, and how you express yourself.
Cultural differences in multicultural teams can create misunderstandings between team members before they have had a chance to establish any credibility with each other. Thus, building trust is a critical step in creation and development of such teams. As a manager of a multicultural team, you need to recognize that building trust between different people is a complex process, since each culture has its own way of building trust and its own interpretation of what trust is.
One advantage of cultural diversity is the potential for innovation arising from the presence of multiple perspectives. Yet, it is clear that not all multicultural teams/organizations are able to harness this benefit. Cultural intelligence (CQ) may enhance the likelihood of innovation success in culturally diverse teams/organizations. CQ facilitates the reconciliation of differences and conflict, and enhances the probability of arriving at culturally synergistic solution that embraces the ideas or interests of various parties. |
