INTRAPRENEURIAL AND ENTREPRENEURIAL VENTURES FOR TVD

Frank M Hull and Chris Storey

Chapter 15 in Total Value Development:How to Drive Service Innovation, 2016, pp 299-323 from World Scientific Publishing Co. Pte. Ltd.

Abstract: This chapter invites you to participate in thought experiments about creating new kinds of value to differentiate offerings in radically new ways. Championing radical designs may require transforming your employing enterprise, establishing strategic partnerships or launching external ventures. Your target is the realization of an offering with a compelling value proposition for customers. Taking a customer-centric point of view helps map ways of adding value which may transcend the goods vs. services dichotomy. The key is envisioning a future development system capable of generating innovative new offerings satisfying customer needs in unique ways. This approach attempts to achieve more holistic solutions for customers based on the meaning they impute to their experiences. Methods for stimulating creativity are helpful for generating new ideas that exceed the boundaries of conventional paradigms. However, generating ideas for your value proposition is only the beginning of a lengthy process. Innovators of new business models may need to deploy a composite model to develop and deliver complex, dynamic new offerings. To realize radically new designs, assessment of capabilities of your existing development system for achieving objectives is a pre-condition. If the proponents of radically new designs are employed by an enterprise lacking in the capabilities for Total Value Development (TVD), internal or external venturing may be required. Development activities may be configured as a semiautonomous team or autonomous group depending on the extent to which the target offering lies within the core capabilities of the enterprise. To the extent the enterprise recognizes the need for developing radically new offerings, support may be garnered for piloting an internal venture. A successful new venture may help further transform development capabilities from mechanistic to a system more capable of TVD. In the face of entrenched bureaucratic resistance to transformation, however, proponents of radically new designs may need to consider entrepreneurial options for external ventures. Regardless of the choice, guidelines are provided to stimulate thinking about how to design radically new offerings as well as ways of configuring human capital and building operations to support development and delivery of holistic value.

Keywords: Innovation; Product Development; Business Model Innovation (search for similar items in EconPapers)
Date: 2016
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