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Fostering Intrapreneurship and New Business Opportunities. Venture. ”It’s no use sitting around dreaming up fantastic ideas unless you’re prepared to do the hard work of making things happen.” Theodore Levitt. Harvard Business Review. Venture. Overview:
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Fostering Intrapreneurship and New Business Opportunities Venture ”It’s no use sitting around dreaming up fantastic ideas unless you’re prepared to do the hard work of making things happen.” Theodore Levitt. Harvard Business Review
Venture • Overview: • 3-day combined assessment and development centre. • Cross-functional teams of Hi-Potential Managers work together in a pressurised, intensive and testing environment • Venture has been designed to run independently or as a complementary extra elective to existing Senior Management and Executive Leadership Development Programmes
Venture • Background: • Research shows that it’s the cross-pollination of various disciplines through multi-functional teams that drives real innovation • The Innovo Model of Applied Innovation uses this concept to drive innovation internally through the process of intrapreneurship
Venture • What is Intrapreneurship: • Intrapreneurship is the practice of applying entrepreneurial skills and approaches within a company. • The goal of intrapreneurship is to focus on innovation and creativity, and transform an idea into a profitable venture, while operating within the organisational environment
Venture • Primary Objective: • Challenge individuals and teams to develop their intrapreneurial flair by using creativity and innovation tools to come up with new business ideas and opportunities for their own organisations.
Venture • Venture Objectives: • Understand and apply the concept of intrapreneurship • Apply innovation techniques and creative thinking internally • Think more intrapreneurially and balance risks against opportunities • Spot opportunities, filter them and take them forward commercially • Better understand participants’ own competencies (in relation to specific client-defined competencies) and be able to harness those competencies to become more effective in leading and participating in high performance intrapreneurial teams
Venture • Key Output of Venture: • Client gains a number of business-cased opportunities for further development/ consideration.
Venture • Relevant Areas of Model for client organisation: • Elements of Stage 1 will be incorporated into pre-course assessment and Day 1 of training • Bulk of training will be completed in Stage 2 of the model through assessment centre • Elements of Stage 3 can be activated once business cased ideas are assessed and considered internally
Venture • Pre – Course Assessment: • The participant Hi-Pos are assessed to determine their knowledge and application experience in use of innovation tools and creativity techniques. • Participants will also complete the Kirton Adaptation-Innovation Inventory (KAI), a highly validated tool that provides valuable “insight into how people solve problemsand interact whilst decision-making”
Venture • Day 1 Outline: • Participants learn through case studies of best practice Intrapreneurshipand how the theory is applied in an organisational context • Participants are up-skilled on range of creative and innovative thinking tools and techniques • Participants also learn how skills and traits that are common to entrepreneurs can be applied and adapted intrapreneurially for the benefit of the client organisation
Venture • Day 2 Outline: • Day-long, intensive ‘Assessment Centre’. • Participants work in two sub-groups under observation and assessment by business psychologists (optional) and qualified trainers. • Participants are closely monitored and assessed against client-defined Hi-Po leadership, innovation and management style competencies.
Venture • Day 2 Outline – Continued: • Each sub-group is tasked with generating new business ideas using relevant innovation and creativity tools and techniques. • After a filtering process, the top 3 ideas considered by each team to have most potential are business-cased for presentation on Day 3.
Venture • Day 3 Outline: • Selected ideas presented in pairs in ‘Dragon’s Den’ style to a review panel of Innovo and Senior Executive assessors from the client organisation. • All participants receive one-to-one feedback from the assessors which acts as foundation for a post-course Action Plan. • Participants share these outcomes with their own managers as input into their Personal Development Plan
Venture • Leadership/ Talent Development: • The Leadership Development Phaseof theVenture Model is designed to train the participant in the necessary leadership skills required to gain commitment and support for the business cased solution(s) that emerged from the assessment centre • In order to develop the proposed solution(s) a combinationof technical business management skills such as Project Management, and Financial Planning, as well as the equally important interpersonal skills such as Gaining Power and influence, and Critical Conversations, need to be deployed.
Venture • Leadership/ Talent Development (Options) • Participants can also have their Leadership • Style and competencies assessed using • leading psychometric and leadership • assessment tools such as MBTI, 16PF and • FIRO-B.
Venture • Highlights and Benefits: • Dovetails with existing Hi-Potential and Senior Exec. Development Programmes • Client gains a number of business-cased opportunities for further development / consideration • Participants learn best practice intrapreneurship and entrepreneurship through case studies and (potentially) guest speaker(s) • Assesses Hi-Po participants’ performance against client specific competencies and gives timely feedback • Participants receive in-depth constructive feedback on their performance to factor into their Personal Development Plans (with supports talent development)
Venture • Measures of Success: • Quality and relevance of ideas business cased – how many go forward to further development/ implementation • Qualitative feedback from participants post assessment centre • Performance improvement of Hi-Pos Vs client specific competencies ‘on the job’ • Quality of participant ‘Action Plans’ and relevance to Personal Development Plans