Large, established companies are trying on various programs to generate new innovations in order to navigate their ship in a new direction. Using mostly ten types of innovation programs.
1. Dedicated Innovation Team: Corporations often start with staffing an innovation team within the company of full time employees dedicated to developing the strategy, managing, and activating innovation programs.
2. Innovation Center of Excellence: Innovation canât happen in a single group; without broader institutional digestion, new ideas will falter and fall. Some corporations are setting up cross-functional, multi-disciplinary groups to share knowledge throughout the company.
3. Intrapreneur Program: Rather than rely solely on external programs, internal employees â dubbed âintrapreneursâ â are given a platform and resources to innovate. These programs invest in employeesâ ideas and passions to unlock everything from customer experience improvements to product enhancements and full-blown internal startups that are then launched from within the company.
4. Open Innovation: Hosted Accelerator or Corporate Incubator Hosted inside a corporate office, large corporations invite startups to embed at their physical locations and provide them funding, corporate support, and other perks. This brings innovative startups inside a large company for everything from overnight hackathons to long-term programs.
5. Innovation Tours: Frequently inspiration comes from outside, not within. Corporate leaders tour innovative organizations, companies, and regions to discover trends in various industries, learn from speakers, meet partners, and be inspired as they immerse themselves in innovation culture.
6. Innovation Outpost: A dedicated physical office, such as in Silicon Valley or wherever innovation happens in their market, staffed with corporate innovation professionals whose job is to sense whatâs occurring in a market, connect with local startups, and integrate programs back into the corporate HQ. Some of them host partners, events, and startups, thereby spreading the function to Internal Accelerator programs. An Innovation Outpost is typically managed by employees â unlike an External Accelerator, which is run by a third party.
7. External Accelerator: Corporations partner with third-party accelerators to provide sponsorship and/or funding in exchange for relationships with startups and integration opportunities. Corporate innovation professionals often embed themselves in Accelerator offices, fostering relationships with local startups. These External Accelerators are run by third parties â unlike Innovation Outposts, which are managed by employees.
8. Technology Education: University Partnership Corporations can tap into new graduates, early-stage projects and companies, and the network of an established educational institution.
9. Investment: Many corporations place bets among the startup ecosystem, with both small amounts for early-stage startups and larger amounts of corporate funding that yields market data, creates opportunities for follow-on investments, and blocks competitors.
10. Acquisition: Rather than build innovation from the inside, many corporations acquire successful startups and then integrate. While often expensive, the startup is often already successful, and the acquisition can help the startup scale further.
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(source: huffopost)
