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Why Create an Internal Venture Board?

The motivation most often cited for creating an Internal Venture Board is for "Strategic Returns" focusing on any or all of the goals below:

* Increasing the pace of innovation;
* Responding faster to market changes;
* Staying on the cutting edge of technology;
* Better understanding and responding to customer's needs or all of the above.

But unlike traditional venture capital firms, Internal Venture Boards must hold fast to the strategic imperative of investing in opportuities aligned with corporate strategy.

Successful Internal Venture capability starts with a strong team that establishes and executes to a framework that permits a company to gain access to markets with new solutions. Let Global Smarts help you shape that framework and a team for success.

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GSI helps identify and formalize a dedicated team not distracted by current business operations. By their nature, internal ventures seek to create new and strategic business opportunties. These opportunities must have a chance to grow without being beholden to more powerful entities in the organization. Without a degree of autonomy, many good but misunderstood ideas could succumb to pressure from the rest of the business before they have an opportunity to take root. Or worse, the new business idea could be forced into a support role for an existing product offering or ignored altogether. We seek talent from within the organization as well as insights from those who've lived it.

GSI facilitates as the team starts taking the appropriate risks to creating a start-up atmosphere that rewards creative thinking and encourages boldness. Because "Ideation" can't be only a slogan; it must become a way of life, the internal venture team serves to encourage new and nontradtional methods of looking at problems while facilitating the freedom to structure and operate in ways that explore the boundaries of traditional thinking and organizations.

With appropriate funding and senior executive support this team along with GSI takes on a total commitment to innovation that includes looking years, not months, into the future. Once an opportunity for success is identified the team not only commits to the rigor of financial resource allocation for the venture, but also critically assesses and places the right senior management team to drive the project. With a keen understanding that strong, demonstrated leadership is critical to bring new businesses to market.

GSI further helps internal venture boards maintain accountability without suffocating the innovative spirit of the new venture. Ensuring a process is in place so that each venturing project is examined regularly with an alignment with the initial strategic intent and continued funding when appropriate. On the other hand, if the program is not succeeding, ensuring that the team is ready to cancel it and reallocate the resources quickly.

Take a look at your company to see whether it has the right stuff for iternal venturing. By staying focused, capitalizing on true synergies, and through well-matched operational practices, internal venture boards can become machines to transform learning opportunities into earning opportunities from ideas that could reap great rewards.

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