After studying this chapter, you should have a good understanding of: After reading this chapter, you should have a good understanding of the following learning objectives: The importance of implementing strategies and practices that foster innovation; the challenges and pitfalls of managing corporate innovation processes; how corporations use new venture teams, business incubators, and product champions to create an internal environment and culture that promote entrepreneurial development. | Chapter Twelve Effective Strategic Management: Fostering Corporate Entrepreneurship and New Venture Creation After studying this chapter, you should have a good understanding of: The importance of opportunity recognition in the venture development process How strategic concepts contribute to the competitive advantages of new ventures and small businesses The role of product champions and autonomous strategic behaviors in internal corporate venturing How corporations develop an internal environment that promotes entrepreneurial development How an entrepreneurial orientation can enhance a firm’s efforts to develop promising new venture initiatives The pitfalls associated with new venture strategies and corporate entrepreneurship Learning Objectives TRANSPARENCY-99 Company Creative Technique Dupont Teaches creativity at its in-housing training center. Classes include how to brainstorm and avoid creativity inhibitors. To create fresh perspectives, a mix of employees – high tech and low | Chapter Twelve Effective Strategic Management: Fostering Corporate Entrepreneurship and New Venture Creation After studying this chapter, you should have a good understanding of: The importance of opportunity recognition in the venture development process How strategic concepts contribute to the competitive advantages of new ventures and small businesses The role of product champions and autonomous strategic behaviors in internal corporate venturing How corporations develop an internal environment that promotes entrepreneurial development How an entrepreneurial orientation can enhance a firm’s efforts to develop promising new venture initiatives The pitfalls associated with new venture strategies and corporate entrepreneurship Learning Objectives TRANSPARENCY-99 Company Creative Technique Dupont Teaches creativity at its in-housing training center. Classes include how to brainstorm and avoid creativity inhibitors. To create fresh perspectives, a mix of employees – high tech and low tech, management and staff– meet together to create new product proposals. Airco Industrial Gases Teaches the nominal group procedure (NGP) through its total quality management program. The technique allows participants to prepare secret lists of problems and potential solutions. Because the NGP provides anonymity, sensitive issues are brought into the open without fear of personal reprisals. DoubleClick Actively encourages fun at work. Its New York City office includes a miniature version of Central Park, complete with picnic tables and trees, and a rooftop basketball court where employees and their bosses compete. Its prize for the employee who brings in the most referrals each year? A motorcycle. Ford Motor Co. Developed its own method for examining processes and identifying improvement ideas: RAPID, which stands for Rapid Actions for Process Improvement Deployment. RAPID workshops are used to generate ideas, recommend creative solutions, and develop action plans for implementing .
