How Can Large Companies Balance Core Operations and New Ventures?
Balancing core operations with new ventures requires a strategic approach:
1. Separate Units: Create separate units or teams dedicated to innovation, with their own budgets and KPIs. 2. Strategic Alignment: Ensure that new ventures align with the company’s overall strategic objectives. 3. Agility: Adopt agile methodologies to allow for rapid prototyping, testing, and iteration. 4. Governance: Establish clear governance structures to oversee and support entrepreneurial initiatives without stifling creativity.