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For organizations, the quest for growth has become a difficult challenge to achieve and maintain. We are living in a volatile business environment which is dominated by fierce competition, a constant change in consumers’ behaviour and a fast pace of technology. For companies to stay ahead of the curve, innovation is becoming one of the primary strategies for growth. It focuses on building a sustainable edge for the organization by creating a new offering that has high value in the eyes of the target segment/audience.
There are several strategies such as corporate venture capitalism, Internal venturing and business incubation as well as joint venturing that initiate innovation. What are the differences of these strategies and their impact on the corporation? When, how and why do we apply them?
This paper aims to help organizations regardless of their sectors to stimulate innovation through models that address their real challenges and business goals. The study focuses on literature review, case studies, interviews with corporate business strategists, corporate venture capitalists and managers of innovation labs as well as other subject experts related to the research.