In Perth we've seen some meaningful and decisive steps from the likes of RAC, HBF, Vocus and Navitas to name a few of the early movers in this space.
The common corporate deliverables around innovation and venturing are;
Innovate at a faster and more cost-effective rate than is currently possible within the architecture of the existing corporation.Better utilisation of both entrepreneurs and intrapreneurs in achieving innovation targets.Combine meaningful business model and technology innovation.Understand the different levels of risk involved in each innovation type.Identify disruptive business models and technology early.
In pursuing these deliverables it's important to shift our thinking from one or two flagship innovation projects to instead taking a portfolio approach, capable of consistently delivering value to stakeholders.
The 3 Horizons Growth Framework detailed in The Alchemy of Growth still stands as one of the best ways to build a sustained effort. The 3 Horizons consist of;
Horizon 1 (H1): Includes the core business and the business model that has provided the greatest profits and currently defines the brand.
Horizon 2 (H2): Includes emerging and disruptive opportunities that have gained significant traction. In most cases, these will be adjacencies of the H1 business.
Horizon 3 (H3): Includes efforts to harness disruptive ideas that can provide profitable growth in the future. This growth may consist of revenue or a larger share of consumer behaviour and data.
The most successful organisations are ambidextrous in their approach; delivering on H1 requirements and continuously innovating across all three horizons.
Innovation outposts and clusters are most important to H2 and H3 initiatives being successful. As they provide the right opportunities to incubate, invest in, partner with or acquire startups that have already solved the issue of product market fit and scaling.
5 Years into the journey of ecosystem building Spacecubed has built a critical mass of +312 businesses, +800 members, access to problems, driven and resilient minds, ideation, incubation and acceleration to support the 3 horizons on innovation.
Most recently with the Plus Eight accelerator; partnering with Telstra, Seven West Media and Hawaiian. To find out more about our corporate programs click here.
Contact nesh@spacecubed.com to learn how your company can partner with Spacecubed for Innovation Programs.
