Incubators, Accelerators, Venturing, and More

Incubators, Accelerators, Venturing, and More

          
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Incubators, Accelerators, Venturing, and More

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  • An Inventory of the Innovator’s Tool Kit

    Used in concert, the innovation discovery tools that we identified enable companies to take a holistic view of growth that encompasses core, adjacent, and noncore activities; that accommodates diverse methods of collaboration and start-up support; and that allows for different rates of development in different spheres. (See Exhibit 2.) Some forward-looking companies are already using all or some of this suite of tools to gain an edge in today’s hypercompetitive environment. Energy companies are experimenting with new business models in the new renewable-energy field. Automotive companies are expanding their product portfolios and broadening their ecosystems through investments in mobility systems and new financing models. Pharmaceutical companies are branching into new business areas such as nutrition products. In each case, companies are leveraging their business-incubation, venturing, and partnership activities to widen their search fields and find innovations in corners of the business world that they had not previously explored.

    exhibit

    When correctly applied, these tools enable companies to engage with other organizations in various stages of development, from start-ups still in product development to companies in their early growth stages to mature enterprises. They also enable companies to commit to a range of time horizons with varying levels of financial investment.

    Below, we analyze each innovation tool and describe how innovation leaders in six industries—automotive, chemical, consumer goods, media and publishing, technology, and telecommunications—apply them to maximize their innovation capabilities. (See Exhibit 3.)

    exhibit