5-Levers-of-Corporate-Entrepreneurship-Rainmaking-Transport
- 1. 5 Levers of Corporate Entrepreneurship
- 2. Innovation can’t just be a project, it needs to become a core organisational capability.
- 3. Outcomes from a corporate entrepreneurship programme Driving mindset and skillset transformation Unlock new technology, business models, talent & customers Faster to market, de- risks investments Aligned to business units strategy to deliver value Build a balanced portfolio across the organisation Talent attraction and retention Unlock innovation culture across the company Thought leadership within the Market
- 4. Corporate Entrepreneurship Programme 5 Levers to structure your corporate entrepreneurship programme Impact Comms Capabilities Strategy Governance
- 5. Strategic Recommendations Business Unit Engagement Unpacking Customer Value Chain Identifying Capability 1. Strategy Clear strategic objectives around innovation must be made explicit at the business unit level. Key themes and spaces where the business unit has an unfair advantage need to be identified to be able to focus on the right innovation activities. The current customer journey has to be mapped to find points of friction and identify which actor (incumbents or startups) is trying to solve this, and see whether there are areas where your company can deliver greater value. An assessment of current capabilities to execute in an identified opportunity space; helping map out which areas should be tackled through internal innovation. Business Units need to be engaged to help identify and solve key challenges through innovation that align to their strategy. This could be done through a collaboration and alignment workshop. H1 Core H2 Adjacent H3 Transformative CORE Capabilities NON-CORE Capabilities
- 6. 2. Capabilities Your organisation needs the right approach - modelled on the best practice from high growth companies - to build skillset and mindset. This requires commitment from all parties. A selection committee must be established and trained to assess ideas against the relevant stages and make evidence based decisions around whether ideas should progress or be killed. Ideation Sprint Discovery & Validation Accelerate Experiment • 48-hour high-energy, dynamic workshop • Focused on rapid ideation • Exposed to best practice tools and methodologies from startups • Best ideas from Validation Lab selected • Specialised teams of 5-6 per idea • Rapid prototyping • Continued Validation • Best ideas from Idea Pool selected • Lightly formed teams of 2-3 per idea • Customer development • Validate ideas for commercial viability • Best ideas from Prototype Lab selected • 3 months program • Teams of 3-5 • Accelerate go-to-market
- 7. 3. Governance How do you know when to double down on an idea or kill it? What should you do with an idea that has been spinning at the concept stage for 6 months? Who makes the decisions on which ideas progress? Governance is a crucial part of your internal innovation program. Developing Stage Gate Criteria Setting relevant stage gates is important to ensure that your teams are focusing on the right activity at the right stage; applying criteria that enable your organisation to determine when to progress, pause or stop working on an idea. Investment Committee A cross-functional selection committee must be established and trained to assess ideas against the relevant stages and make evidence based decisions around whether ideas should progress or be killed. Investment Thresholds Correlated to each stage gate; the right level of funding needs to be set depending on the maturity of each idea; this helps de-risk investment Idea Management Your organisation must create a systematic approach to tracking and archiving ideas; this data can be fed into strategy planning or inform future idea development to shortcut learnings.
- 8. 4. Comms One of the key components to drive innovation culture across an organisation is developing a comprehensive comms plan that targets key stakeholders both internally and externally shining a light on the participants, acting as inspiration for the rest of the organisation. Cohort Comms You can send updates to your cohorts of corporate entrepreneurial teams through collaborative tools such as Slack. A dedicated newsletter could also be sent to them on a weekly basis with reading materials ahead of training sessions or with updates about the upcoming stages of the programme. It's also important to make sure they are touching base with their mentors regularly for support and guidance. External Comms Intrapreneurs within your organisation will appreciate being supported and valued through external communications, be it a press release or social media updates showcasing their work and progress. Moreover, this can also be a great recruiting tool as companies can attract entrepreneurial talent and reinforce their employer brand. Internal Comms Informing the rest of the organisation is paramount to legitimising the work of corporate entrepreneurs and spearheading a culture of innovation. As other employees start seeing their entrepreneurial colleagues learn and grow through the various stages, some of them will want to take part in next cohorts. Intrapreneurial teams can for example present an update about their progress at town halls or business unit meetings.
- 9. 5. Impact What are the right KPIs to assess whether your teams and their innovations are successful or not? Answer the key questions required to scope the critical KPIs, take a current baseline assessment, and then track and report these on a regular basis. Setting Critical KPIs What are the key KPI’s that need to be measured? How do we define them and benchmark these against the industry? Innovation Accounting needs to be performed to measure reporting KPIs, governance KPIs, as well as global KPIs assessing the overall performance of the programme. Cultural Impact How do you track impact? What are the assessment & tracking mechanisms required? How do you report these metrics to key stakeholders in a meaningful and engaging way? Tracking and Reporting Impact How do you use innovation to transform culture and build an innovative organisation? This will help track the culture impact that innovation has across the organisation.
- 10. Must be a repeatable and scalable process
- 11. We’re a corporate innovation and venture development firm. We create, accelerate, and scale new business with the world’s leading corporations and entrepreneurs. Rainmaking at a glance Dubai Mexico City London Berlin Rome Amsterdam Miami San Francisco Copenhagen London Kuala Lumpur Singapore Taipei Berlin New York Mexico City Cairo Dubai Singapore Milan Cape Town Hartford Melbourne Taipei Copenhagen Cairo Offices Accelerators 750+ Ventures Since 2006 we’ve helped build and scale 750+ companies 88 Fortune 500 partners We have partnered with over 15% of the Fortune500 to deliver tangible results. Our team Global team of 250+ entrepreneurs, strategists, product experts, developers, designers, and investors.
- 12. Select global partners Rainmaking is the chosen partner on digital innovation to the Global Maritime Forum consisting of the world’s top 200+ maritime executives. Unprecedented reach and access.
- 13. Interested to learn more about Rainmaking? We’d love to discuss how we can work with you. Get in touch 44
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