On a global scale, the world is experiencing uncertain times. For one, new global markets are emerging and technology is advancing. Global political climates are experiencing extreme change. New industries are introducing new technologies. And these same technologies are becoming obsolete as quickly as they enter the market.
In this environment, corporate intrapreneurship is a tightrope walk. Enterprise leaders need to ensure that they're minimizing risks while still taking steps that are aggressive enough to be first-to-market with innovation. The simplest path forward requires a comfort threshold with risk and uncertainty.
As a corporate innovation leader, you need to be confident in the judgment calls that you're making. Here are seven resources to help you manage your risk, better:
1. How to Navigate Business Risks with Data
Author: Abigail Lutte, senior content marketing manager at Dun and Bradstreet
Read It Here: Dun and Bradstreet Perspective Blog
Enterprise leaders have more resources than ever to guide their decision-making—and that's precisely the challenge. How can corporate innovation leaders make sense of it all to discover (and pursue) their true north? The definition of risk, itself, is going through a period of extreme change. Read this blog post to determine your best steps forward.
2. Managing Risk: a New Framework
Authors: Robert S. Kaplan, senior fellow and professor at Harvard Business School and Annette Mikes, assistant professor at Harvard Business School
Read It Here: HBR In order for corporate innovation efforts to bring success to the entire organization, intrapreneurs need to make sure that they're evaluating overall company risk profiles. While you may need to separate your product development from your core business, you'll still need a cohesive financial picture. This HBR article will walk you through the series of steps you need to take.
3. The Re-Emerging Art of Funding Innovation
Authors: Gabriel Kasper and Justin Marcoux, senior managers at the Monitor InstituteRead It Here: Stanford Review
This perspective comes from the world of philanthropy which, in many ways, shares the same challenges as corporate innovation. As the article's authors point out, many grantmakers have "lost their appetite for funding experimental and innovative projects." As a result, many funders are scaling back. But rather than letting risk overpower them, they're developing new models to reduce uncertainties and initiate change. This article explores how.
4. Corporate Innovation Trends
Read It Here: CBInsights
One of the biggest challenges that corporate innovation teams face is learning how to navigate the increasing pace of disruption. The article points out a model for faster innovation—running experiments by partnering with startups instead of reinventing the wheel from scratch. This article and guide provides a vetted framework.
5. Mitigating Risk in Corporate Innovation
Author: Annette Dockerty, founder and producer at Heads of Innovation Forum
Read It Here: LinkedIn
One of the biggest goals at Fairfax Media is to find the right balance between its "print and digital footprints." As with many other media organizations, this tightrope walk is tricky. Publishers need to adapt to changing market conditions quickly, without jeopardizing their core businesses. Learn how one of Fairfax Media's properties, Domain.com.au, navigates the challenges of introducing strategic innovation to its organization. This article features an interview with the company's CTO Mark Cohen for a hands-on look into the trenches.
6. Leadership and Innovation
Authors: Joanna Barsh, Marla M. Capozzi, and Jonathan Davidson, consultants at MicKinsey
Read It Here: McKinsey
Like many other trends in business, corporate innovation seems to go in and out of style. What's happening behind the scenes, however, is a deeper story. Given the pace of technical disruption in today's market, approaches to R&D are evolving. To help turn uncertainty into a business opportunity, this in-depth article provides survey data related to executive decision-making and tips for designing more impactful innovation processes.
7. How Should You Budget for Corporate Innovation?
Author: Team RocketSpace
Read It Here: RocketSpace's Corporate Innovation Blog
The financial side to innovation is often the most challenging part of a corporate innovation team's journey to bring new products to market. For one, it's often challenging to separate core business operations from long-term investments. It's also difficult to convince long-term shareholders that an investment will be 'worth it' at the end of the day. This blog post provides a framework to help corporate innovators budget, better.
Get in touch with RocketSpace's Corporate Innovation Services team. We can walk you through some example assessments to help you explore your company's risk profile.
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