Corporate venturing best practices: How to adopt and adapt the proven principles and guidelines of innovation excellence

1. Understanding Corporate Venturing

Corporate venturing is a strategic approach to innovation that involves creating, collaborating, or investing in new ventures that are aligned with the corporate vision and goals. Corporate venturing can help companies access new markets, technologies, capabilities, and talent, as well as enhance their competitive advantage and growth potential. However, corporate venturing is not a one-size-fits-all solution. Different types of corporate venturing require different levels of commitment, risk, and integration. Moreover, corporate venturing is not a static process. It needs to be constantly monitored, evaluated, and adapted to the changing internal and external environment. In this section, we will explore the following aspects of corporate venturing:

1. The definition and scope of corporate venturing. We will clarify what corporate venturing means, how it differs from other forms of innovation, and what are the main types and models of corporate venturing.

2. The benefits and challenges of corporate venturing. We will highlight the advantages and disadvantages of corporate venturing for both the parent company and the new venture, as well as the common pitfalls and success factors of corporate venturing.

3. The best practices and principles of corporate venturing. We will provide some practical guidelines and recommendations on how to design, implement, and manage corporate venturing initiatives, based on the experiences and insights of leading companies and experts in the field.

4. The examples and case studies of corporate venturing. We will illustrate the concepts and practices of corporate venturing with real-world examples and case studies from various industries and regions, showcasing the diversity and dynamism of corporate venturing.

By the end of this section, you will have a comprehensive and nuanced understanding of corporate venturing, and you will be able to apply the knowledge and skills to your own organization and context. Let's get started!

2. Defining Innovation Excellence in Corporate Venturing

One of the key aspects of corporate venturing is to achieve innovation excellence, which means creating and delivering value through new products, services, processes, or business models that meet the needs and expectations of customers, stakeholders, and society. Innovation excellence is not a one-time event, but a continuous process that requires a clear vision, a supportive culture, a systematic approach, and a learning mindset. In this section, we will explore how to define innovation excellence in corporate venturing from different perspectives, and what are some of the best practices and guidelines to follow. We will also provide some examples of successful corporate ventures that have demonstrated innovation excellence in their domains.

To define innovation excellence in corporate venturing, we need to consider the following perspectives:

1. The customer perspective: This is the most important perspective, as the ultimate goal of innovation is to create value for the customers. Innovation excellence in corporate venturing means understanding the customer needs, problems, and preferences, and delivering solutions that satisfy them better than the existing alternatives. Customer-centricity, empathy, and feedback are essential for this perspective. For example, Netflix, a leading corporate venture in the entertainment industry, has achieved innovation excellence by constantly listening to its customers and offering personalized recommendations, original content, and convenient streaming services that match their tastes and preferences.

2. The business perspective: This perspective focuses on the financial and strategic aspects of innovation. Innovation excellence in corporate venturing means creating solutions that generate revenue, profit, and growth for the parent company, as well as competitive advantage, differentiation, and market leadership. business model innovation, value proposition design, and lean startup methodology are some of the tools and techniques for this perspective. For example, amazon Web services (AWS), a dominant corporate venture in the cloud computing industry, has achieved innovation excellence by creating a scalable, flexible, and cost-effective platform that enables customers to access a variety of cloud services and applications, and by constantly expanding its offerings and features to meet the evolving needs of the market.

3. The organizational perspective: This perspective deals with the internal aspects of innovation, such as the culture, structure, processes, and resources that support and enable innovation. Innovation excellence in corporate venturing means fostering a culture of innovation that encourages creativity, experimentation, collaboration, and risk-taking, and providing a structure and processes that facilitate innovation activities, such as ideation, prototyping, testing, and scaling. Innovation management, agile methodology, and open innovation are some of the concepts and practices for this perspective. For example, Google X, a secretive corporate venture in the technology industry, has achieved innovation excellence by creating a culture of moonshot thinking, where employees are encouraged to pursue ambitious and radical ideas that have the potential to change the world, and by providing a structure and processes that allow them to test and iterate their ideas quickly and cheaply.

4. The societal perspective: This perspective considers the broader impact of innovation on the society, the environment, and the future. Innovation excellence in corporate venturing means creating solutions that not only create value for the customers and the business, but also contribute to the social good, the environmental sustainability, and the long-term vision. corporate social responsibility, circular economy, and foresight are some of the frameworks and methods for this perspective. For example, Tesla, a pioneering corporate venture in the automotive industry, has achieved innovation excellence by creating electric vehicles, batteries, and solar panels that reduce greenhouse gas emissions, improve energy efficiency, and promote renewable energy sources, and by pursuing a vision of accelerating the transition to sustainable transportation and energy.

3. Identifying Key Principles for Successful Corporate Venturing

Corporate venturing is the process of creating new businesses or investing in external startups by established corporations. It is a powerful way to foster innovation, diversify revenue streams, and gain access to new markets and technologies. However, corporate venturing is not without challenges and risks. It requires a clear vision, a supportive culture, a dedicated team, and a flexible structure. In this section, we will explore some of the key principles that can help corporations achieve successful corporate venturing outcomes.

Some of the key principles for successful corporate venturing are:

1. Align corporate venturing with the strategic goals of the corporation. Corporate venturing should not be seen as a separate or isolated activity, but as an integral part of the corporation's overall strategy. It should support the corporation's vision, mission, and values, and address the current and future needs of the customers and the market. Corporate venturing should also be aligned with the core competencies and capabilities of the corporation, and leverage its existing assets and resources. For example, Google's corporate venturing arm, Google Ventures, invests in startups that are aligned with Google's strategic focus on areas such as artificial intelligence, cloud computing, and health care.

2. Create a culture of innovation and entrepreneurship within the corporation. Corporate venturing requires a culture that encourages creativity, experimentation, risk-taking, and learning from failures. It also requires a culture that supports collaboration, communication, and trust between the corporate venturing team and the rest of the organization. A culture of innovation and entrepreneurship can be fostered by providing incentives, recognition, and rewards for innovative ideas and initiatives, by creating a safe and supportive environment for testing and validating new concepts, and by celebrating and sharing the successes and learnings from corporate venturing activities. For example, Amazon's corporate venturing arm, Amazon Web Services (AWS) Startup Program, provides mentorship, training, and networking opportunities for startups that use AWS as their cloud platform, and showcases their achievements and stories on its website and social media channels.

3. Build a dedicated and diverse corporate venturing team. Corporate venturing requires a team that has the skills, expertise, and mindset to identify, evaluate, and execute new business opportunities. The team should have a mix of internal and external talent, with backgrounds and perspectives from different functions, domains, and industries. The team should also have a high degree of autonomy and empowerment, and be able to operate with speed and agility. The team should be accountable for the performance and results of the corporate venturing activities, and be able to measure and report on the key metrics and indicators of success. For example, Procter & Gamble's corporate venturing arm, P&G Ventures, has a team of experienced entrepreneurs, innovators, and investors, who work closely with internal and external partners to create and launch new brands and products in emerging categories.

4. Adopt a flexible and adaptive corporate venturing structure. Corporate venturing requires a structure that allows for the exploration and exploitation of new business opportunities, while balancing the trade-offs between autonomy and alignment, and between risk and return. The structure should be tailored to the specific objectives, characteristics, and stages of the corporate venturing activities, and be able to evolve and adjust as the activities progress and mature. The structure should also enable the integration and coordination of the corporate venturing activities with the existing businesses and operations of the corporation, and facilitate the transfer and exchange of knowledge, resources, and value. For example, BMW's corporate venturing arm, BMW i Ventures, has a structure that allows it to invest in and partner with startups that are relevant to BMW's future mobility vision, and to provide them with access to BMW's network, expertise, and customer base.

4. Establishing a Culture of Innovation within the Organization

In today's rapidly evolving business landscape, organizations are recognizing the importance of fostering a culture of innovation to stay competitive and drive growth. This section explores various perspectives on establishing such a culture and provides valuable insights to adopt and adapt proven principles and guidelines of innovation excellence.

1. Embrace a growth mindset: Cultivating a growth mindset is crucial for fostering innovation within the organization. This mindset encourages individuals to view challenges as opportunities for learning and growth, promoting a culture of continuous improvement and experimentation.

2. Encourage collaboration and Cross-functional teams: Innovation thrives when diverse perspectives come together. Encouraging collaboration and forming cross-functional teams allows for the exchange of ideas, knowledge, and expertise from different areas of the organization. This interdisciplinary approach can lead to breakthrough innovations and creative problem-solving.

3. Provide Resources and Support: To foster innovation, organizations need to provide the necessary resources and support to their employees. This includes access to training programs, innovation labs, and dedicated time for experimentation and exploration. By investing in their employees' development and providing the tools they need, organizations can empower them to innovate.

4. Foster a safe and Supportive environment: Creating a safe and supportive environment is essential for promoting innovation. Employees should feel comfortable taking risks, sharing their ideas, and challenging the status quo without fear of judgment or negative consequences. encouraging open communication and celebrating both successes and failures can help create a culture that embraces innovation.

5. Recognize and Reward Innovation: Recognizing and rewarding innovative ideas and contributions is crucial for sustaining a culture of innovation. This can be done through various means, such as innovation challenges, idea incubators, or innovation awards. By acknowledging and celebrating innovation, organizations motivate their employees to continue pushing boundaries and thinking outside the box.

6. Foster Customer-Centricity: Innovation should be driven by a deep understanding of customer needs and preferences. Organizations should prioritize gathering customer feedback, conducting market research, and involving customers in the innovation process. By placing the customer at the center of their innovation efforts, organizations can develop solutions that truly address their needs and create value.

7. Learn from Failure: Failure is an inherent part of the innovation journey. Organizations should embrace failure as a learning opportunity and encourage a culture of experimentation. By analyzing failures, identifying lessons learned, and applying those insights to future endeavors, organizations can continuously improve their innovation practices.

Remember, establishing a culture of innovation requires a long-term commitment and continuous effort. By adopting these principles and guidelines, organizations can create an environment that nurtures creativity, fosters collaboration, and drives meaningful innovation.

5. Building Strategic Partnerships for Effective Corporate Venturing

One of the key challenges for corporate venturing is to find and collaborate with external partners who can provide complementary resources, capabilities, and insights for innovation. building strategic partnerships for effective corporate venturing requires a careful alignment of goals, expectations, and incentives between the corporate and the partner entities. It also involves managing the potential risks and conflicts that may arise from the collaboration. In this section, we will explore some of the best practices and guidelines for building strategic partnerships for corporate venturing, based on the experiences and perspectives of different stakeholders.

Some of the best practices and guidelines for building strategic partnerships for effective corporate venturing are:

1. Identify the strategic objectives and value proposition of the partnership. Before engaging in a partnership, both the corporate and the partner entity should have a clear understanding of what they want to achieve and what they can offer to each other. The strategic objectives and value proposition of the partnership should be aligned with the overall vision and mission of both parties, and should reflect the mutual benefits and synergies that can be derived from the collaboration. For example, a corporate may partner with a startup to access new markets, technologies, or customers, while a startup may partner with a corporate to gain access to capital, expertise, or distribution channels.

2. Select the right partner and the right type of partnership. Not all partners are created equal, and not all types of partnerships are suitable for every situation. The corporate and the partner entity should conduct a thorough due diligence and assessment of each other's strengths, weaknesses, opportunities, and threats, as well as their compatibility and fit in terms of culture, values, and vision. The corporate and the partner entity should also consider the different types of partnerships that are available, such as joint ventures, strategic alliances, licensing agreements, equity investments, or acquisitions, and choose the one that best suits their needs and goals. For example, a corporate may choose to invest in a startup to gain a minority stake and a board seat, or to acquire a startup to fully integrate it into its operations.

3. establish clear roles, responsibilities, and governance mechanisms. A successful partnership requires a clear definition and division of roles, responsibilities, and governance mechanisms between the corporate and the partner entity. The corporate and the partner entity should agree on the scope, duration, and milestones of the partnership, as well as the decision-making processes, communication channels, and performance metrics. The corporate and the partner entity should also establish a governance structure that ensures accountability, transparency, and trust, and that facilitates the resolution of any issues or disputes that may arise. For example, a corporate and a partner entity may form a steering committee that oversees the strategic direction and progress of the partnership, and a working group that handles the operational and tactical aspects of the partnership.

4. leverage the strengths and resources of both parties. A partnership is more than the sum of its parts, and both the corporate and the partner entity should leverage the strengths and resources of each other to create value and innovation. The corporate and the partner entity should recognize and respect the differences and diversity that exist between them, and seek to learn from and complement each other. The corporate and the partner entity should also share and exchange knowledge, information, and feedback, and co-create solutions that address the needs and challenges of both parties. For example, a corporate and a partner entity may collaborate on developing a new product or service that combines the corporate's scale and brand with the partner entity's agility and creativity.

5. foster a culture of collaboration and mutual trust. A partnership is not only a transactional relationship, but also a relational one, and both the corporate and the partner entity should foster a culture of collaboration and mutual trust. The corporate and the partner entity should communicate openly and honestly, and share their expectations, concerns, and feedback. The corporate and the partner entity should also demonstrate commitment, reliability, and integrity, and honor their promises and obligations. The corporate and the partner entity should also celebrate their achievements and successes, and acknowledge and appreciate their contributions and efforts. For example, a corporate and a partner entity may organize regular meetings, workshops, or events to strengthen their relationship and collaboration.

6. Implementing Agile Processes and Experimentation in Corporate Venturing

One of the key challenges of corporate venturing is how to balance the need for speed, flexibility, and experimentation with the existing structures, processes, and culture of the parent organization. Corporate ventures often operate in uncertain and dynamic environments, where they need to test and validate their assumptions, learn from failures, and pivot quickly. This requires adopting agile processes and experimentation methods that enable rapid prototyping, feedback, and iteration. In this section, we will explore how some of the leading corporate venturers have implemented agile processes and experimentation in their innovation activities, and what benefits and challenges they have encountered. We will also provide some practical tips and best practices for applying these methods in your own corporate venturing context.

Some of the insights and examples we will cover are:

- How Amazon uses its famous two-pizza teams to foster agility and autonomy in its corporate ventures, and how it applies the working backwards method to start with the customer problem and work backwards to the solution.

- How Google X, the moonshot factory of Google, uses a rapid evaluation process to assess the feasibility, desirability, and viability of its potential breakthrough innovations, and how it embraces failing fast as a way to learn and improve.

- How Intuit leverages its design thinking approach to empathize with customers, define their pain points, ideate solutions, and prototype and test them in the market, and how it uses lean startup principles to validate its business model assumptions and measure its progress.

- How Netflix applies A/B testing and data-driven decision making to optimize its user experience, content, and recommendations, and how it fosters a culture of experimentation that encourages risk-taking and innovation.

- How Unilever uses its Lean Innovation Model to accelerate the development and launch of new products and services, and how it applies experimentation sprints to test and learn from its minimum viable products (MVPs) in the market.

The following are some of the benefits and challenges of implementing agile processes and experimentation in corporate venturing:

- Benefits:

1. Agile processes and experimentation can help corporate venturers to reduce uncertainty and increase learning in their innovation activities, by enabling them to test and validate their assumptions, hypotheses, and solutions in the market, and to gather feedback and data from customers and stakeholders.

2. Agile processes and experimentation can also help corporate venturers to increase speed and reduce waste in their innovation activities, by enabling them to focus on the most critical and valuable features and functionalities of their products and services, and to avoid investing time and resources in building something that nobody wants or needs.

3. Agile processes and experimentation can also help corporate venturers to increase creativity and improve quality in their innovation activities, by enabling them to explore multiple ideas and alternatives, and to iterate and refine their solutions based on customer feedback and data.

4. Agile processes and experimentation can also help corporate venturers to increase alignment and improve collaboration in their innovation activities, by enabling them to involve customers and stakeholders in the co-creation and co-evaluation of their solutions, and to communicate and share their learnings and insights with the parent organization and other relevant parties.

- Challenges:

1. Agile processes and experimentation can also pose some challenges and risks for corporate venturers, such as cultural resistance and organizational inertia from the parent organization, which may not be used to or supportive of the agile and experimental mindset and methods, and which may impose bureaucratic and hierarchical barriers and constraints on the corporate ventures.

2. Agile processes and experimentation can also pose some challenges and risks for corporate venturers, such as ethical dilemmas and legal issues that may arise from conducting experiments with customers and stakeholders, especially when dealing with sensitive or personal data, or with vulnerable or marginalized groups.

3. Agile processes and experimentation can also pose some challenges and risks for corporate venturers, such as quality trade-offs and technical debt that may result from prioritizing speed and learning over perfection and robustness, and which may compromise the reliability and security of the products and services, or create technical dependencies and complexities that are hard to resolve or maintain.

4. Agile processes and experimentation can also pose some challenges and risks for corporate venturers, such as measurement difficulties and evaluation biases that may affect the validity and reliability of the experiments and the data, and which may lead to false positives or false negatives, or to confirmation or attribution biases.

7. Managing Risk and Uncertainty in Corporate Venturing

One of the most critical aspects of corporate venturing is how to manage the risk and uncertainty that inevitably accompany any innovation initiative. Risk and uncertainty are not the same thing: risk refers to the possibility of losing something of value, while uncertainty refers to the lack of information or knowledge about the future. Both risk and uncertainty can affect the decision-making process, the performance, and the outcomes of corporate venturing projects. Therefore, it is essential to understand how to assess, mitigate, and cope with them effectively. In this section, we will explore some of the best practices and guidelines for managing risk and uncertainty in corporate venturing, from different perspectives and levels of analysis. We will cover the following topics:

1. How to identify and measure the risk and uncertainty of corporate venturing projects. We will discuss some of the tools and methods that can help quantify and compare the risk and uncertainty of different types of corporate venturing projects, such as expected value analysis, real options analysis, scenario planning, and sensitivity analysis. These tools can help managers and entrepreneurs evaluate the potential returns and costs of their projects, as well as the impact of various factors and events on their outcomes.

2. How to reduce and diversify the risk and uncertainty of corporate venturing projects. We will explore some of the strategies and tactics that can help lower and spread the risk and uncertainty of corporate venturing projects, such as prototyping, pivoting, experimentation, learning, collaboration, and portfolio management. These strategies can help managers and entrepreneurs test and validate their assumptions, adapt and improve their solutions, leverage and integrate external resources, and balance and optimize their investments.

3. How to embrace and exploit the risk and uncertainty of corporate venturing projects. We will examine some of the mindsets and behaviors that can help managers and entrepreneurs take advantage of the risk and uncertainty of corporate venturing projects, such as risk appetite, risk perception, risk attitude, uncertainty tolerance, uncertainty absorption, and uncertainty creation. These mindsets and behaviors can help managers and entrepreneurs overcome their fears and biases, seek and seize opportunities, create and shape the future, and generate and capture value.

By following these best practices and guidelines, managers and entrepreneurs can enhance their ability to manage risk and uncertainty in corporate venturing, and achieve innovation excellence. To illustrate these concepts, we will provide some examples of successful and unsuccessful corporate venturing projects, and analyze how they managed risk and uncertainty in different ways. We hope that this section will inspire and inform you to pursue your own corporate venturing endeavors with confidence and competence.

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8. Measuring and Evaluating the Impact of Corporate Venturing Initiatives

One of the key challenges of corporate venturing is to measure and evaluate the impact of the initiatives that are launched or supported by the organization. corporate venturing initiatives can have different objectives, such as exploring new markets, developing new technologies, acquiring new capabilities, or enhancing the core business. Therefore, the impact of these initiatives can be assessed from different perspectives, such as financial, strategic, operational, or cultural. In this section, we will discuss some of the best practices for measuring and evaluating the impact of corporate venturing initiatives, and provide some examples of how leading organizations have applied them.

Some of the best practices for measuring and evaluating the impact of corporate venturing initiatives are:

1. Define clear and relevant metrics and indicators. The first step is to identify what are the key metrics and indicators that reflect the objectives and outcomes of the corporate venturing initiatives. These metrics and indicators should be aligned with the overall corporate strategy and vision, and should be specific, measurable, achievable, realistic, and time-bound (SMART). For example, some of the common metrics and indicators used by corporate venturers are revenue growth, market share, customer satisfaction, innovation output, cost reduction, or employee engagement.

2. Use a balanced scorecard approach. The second step is to use a balanced scorecard approach to measure and evaluate the impact of corporate venturing initiatives from different perspectives. A balanced scorecard is a strategic management tool that helps organizations to translate their vision and strategy into a set of performance measures that cover four dimensions: financial, customer, internal process, and learning and growth. By using a balanced scorecard, corporate venturers can capture the value of their initiatives not only in terms of financial returns, but also in terms of customer value, operational efficiency, and organizational learning and development.

3. Apply a portfolio perspective. The third step is to apply a portfolio perspective to measure and evaluate the impact of corporate venturing initiatives. A portfolio perspective recognizes that corporate venturing initiatives are not isolated projects, but rather a collection of interrelated and interdependent investments that have different risk-return profiles, time horizons, and strategic objectives. By applying a portfolio perspective, corporate venturers can optimize the allocation of resources, balance the trade-offs between exploration and exploitation, and manage the synergies and conflicts among the initiatives.

4. Incorporate feedback loops and learning mechanisms. The fourth step is to incorporate feedback loops and learning mechanisms to measure and evaluate the impact of corporate venturing initiatives. Feedback loops and learning mechanisms are essential to monitor the progress and performance of the initiatives, to identify the gaps and opportunities for improvement, and to adjust the strategy and actions accordingly. Feedback loops and learning mechanisms can include regular reviews, audits, surveys, interviews, experiments, or simulations.

5. Communicate and celebrate the results and achievements. The fifth and final step is to communicate and celebrate the results and achievements of the corporate venturing initiatives. Communicating and celebrating the results and achievements can help to increase the visibility and credibility of the corporate venturing activities, to share the best practices and lessons learned, to motivate and reward the teams and partners involved, and to foster a culture of innovation and entrepreneurship within the organization.

Some examples of how leading organizations have measured and evaluated the impact of their corporate venturing initiatives are:

- Google uses a metric called return on Innovation investment (ROII) to measure the impact of its corporate venturing initiatives. ROII is calculated by dividing the net present value of the expected future cash flows from the initiative by the total investment made in the initiative. Google also uses other metrics, such as user growth, engagement, retention, and satisfaction, to measure the impact of its corporate venturing initiatives from a customer perspective.

- IBM uses a balanced scorecard approach to measure and evaluate the impact of its corporate venturing initiatives. IBM's balanced scorecard covers four dimensions: financial performance, customer value, operational excellence, and innovation leadership. IBM also uses a portfolio perspective to manage its corporate venturing initiatives, and classifies them into three categories: horizon 1 (core business), horizon 2 (adjacent business), and horizon 3 (new business).

- Procter & Gamble uses a feedback loop and learning mechanism called Connect + Develop to measure and evaluate the impact of its corporate venturing initiatives. Connect + Develop is a platform that enables P&G to collaborate with external partners, such as startups, universities, or customers, to co-create and co-innovate new products, services, or solutions. P&G uses Connect + Develop to test and validate its corporate venturing initiatives, and to learn from the successes and failures of its partners.

9. Embracing Innovation Excellence in Corporate Venturing

In this blog, we have explored the best practices of corporate venturing, which is the process of creating, developing, and investing in new businesses or ventures within or outside an existing corporation. We have discussed how corporate venturing can help corporations achieve innovation excellence, which is the ability to create and deliver value through new products, services, processes, or business models that meet the needs and expectations of customers and stakeholders. We have also examined the proven principles and guidelines of innovation excellence, such as having a clear vision and strategy, fostering a culture of innovation, building a diverse and collaborative team, leveraging external resources and partnerships, and measuring and learning from outcomes. In this concluding section, we will summarize the main points of the blog and provide some insights and recommendations from different perspectives on how to embrace innovation excellence in corporate venturing.

- From the perspective of the corporation, embracing innovation excellence in corporate venturing means:

1. Aligning the corporate venturing activities with the overall corporate goals and objectives, and ensuring that they support the core competencies and capabilities of the corporation.

2. Establishing a dedicated corporate venturing unit or function that has the autonomy, authority, and resources to pursue new opportunities and manage the portfolio of ventures.

3. Adopting a portfolio approach to corporate venturing, which involves balancing the risk and return of different types of ventures, such as internal ventures, external ventures, joint ventures, or acquisitions.

4. Implementing a governance structure and a decision-making process that enable effective oversight, coordination, and communication between the corporate venturing unit and the rest of the corporation, as well as between the different ventures.

5. Providing appropriate incentives and rewards to the corporate venturing team and the venture teams, based on both financial and non-financial metrics, such as innovation performance, customer satisfaction, and social impact.

- From the perspective of the corporate venturing team, embracing innovation excellence in corporate venturing means:

1. Scanning the external environment and identifying emerging trends, technologies, markets, and customer needs that offer potential opportunities for creating or investing in new ventures.

2. Evaluating and selecting the most promising opportunities based on a rigorous and systematic assessment of their feasibility, viability, and desirability, as well as their alignment with the corporate venturing strategy and criteria.

3. Developing and executing a business plan for each selected opportunity, which includes defining the value proposition, the target market, the revenue model, the competitive advantage, and the key milestones and deliverables.

4. Supporting and nurturing the venture teams, which may consist of internal employees, external entrepreneurs, or a combination of both, by providing them with the necessary resources, guidance, mentoring, and feedback.

5. Monitoring and reviewing the progress and performance of each venture, and making adjustments or interventions as needed, such as providing additional funding, changing the scope, pivoting the direction, or terminating the venture.

- From the perspective of the venture team, embracing innovation excellence in corporate venturing means:

1. Applying the principles and practices of lean startup, design thinking, and agile development, which involve validating the problem, the solution, and the market through experimentation, prototyping, and testing, and iterating the product or service based on customer feedback and data.

2. leveraging the resources and capabilities of the corporation, such as its brand, network, expertise, infrastructure, and distribution channels, while maintaining a degree of independence and autonomy from the corporate bureaucracy and culture.

3. Collaborating with other venture teams, as well as with external partners, such as customers, suppliers, universities, research institutes, or other corporations, to access complementary skills, knowledge, and assets, and to create synergies and value-added solutions.

4. Embracing a growth mindset and a learning orientation, which involve being open to new ideas, challenges, and feedback, and being willing to learn from failures and successes, and to share the lessons and best practices with others.

5. Pursuing a dual purpose of creating both economic and social value, by addressing the needs and expectations of not only the customers and the corporation, but also the society and the environment.