The NOW! Economy is upon us, with new technologies emerging that enable companies to push the production and provision of products and services closer and closer to the moment of demand. Even in its early stages, this force is having a powerful affect on traditional business models – companies like Airbnb and Uber are capitalizing on this new landscape, disrupting entire industries, and positioning themselves to transition to future business models as technologies and customer expectations evolve.
Corporate venturing is a powerful approach to navigating the opportunities and threats posed by the NOW! Economy. Combining the capabilities and assets of the corporation with the speed, resilience, and innovative thinking of the startup world, can fast-track innovation, create optionality for the future, and catalyze an ecosystem around new problems to be solved.
In this paper, Scott Bowman describes how corporate venturing can serve as an invaluable tool to drive innovation, shares case examples of companies that are using their venturing units to powerful effect, and provides insights into why corporate venturing is an imperative for firms that don’t want to be left behind.
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