As someone who has been involved in building a corporate venture, I can attest that it is a challenging and rewarding experience. Through the process, I’ve learned several important lessons that I’d like to share with others who may be embarking on a similar journey.
Align with corporate strategy
One of the most important things I’ve learned is that building a corporate venture should be aligned with the overall strategy of the parent company. By doing this, we were able to ensure that the venture had the support and resources it needed to succeed, while also providing a clear path for the parent company to benefit from the venture’s success.
Another important lesson I’ve learned is that building a successful corporate venture takes time. It’s easy to get caught up in the excitement of a new venture and want to see results immediately. But it’s important to be patient and not rush the process. This patience is especially important when dealing with the inevitable setbacks and challenges that will arise during the venture-building process.
Failure is a natural part of the venture-building process. It’s important to embrace failure and learn from it, rather than fearing it. Failure can provide valuable insights into what works and what doesn’t, which can be used to improve future ventures.
Foster a culture of innovation
Building a corporate venture requires a culture of innovation. This means fostering an environment where new ideas and experimentation are encouraged, and where failure is not only accepted, but also celebrated as a valuable learning experience. This was one of the key factors that helped us to stay ahead of the curve and come out with new and innovative solutions.
The business environment is constantly changing, and a corporate venture must be able to adapt to these changes. This means staying agile and being able to pivot quickly when necessary. It’s important to stay focused on the long-term goal while also being able to adapt to the short-term realities of the market.
In conclusion, building a corporate venture can be a challenging and rewarding experience. By aligning with corporate strategy, being patient, embracing failure, fostering a culture of innovation, and staying agile, a corporate venture can be built that is successful and sustainable. These are the lessons I’ve learned from my personal experience and I believe they will be helpful to anyone who wants to start their own corporate venture.