How can you effectively manage innovation resources like incubators, accelerators, and venture capitalists?

Talent and Skills: The skills, knowledge, and expertise of individuals within an organization contribute to its ability to innovate. Creativity and Diversity: A diverse and creative workforce can bring different perspectives and ideas to the innovation process. Funding and Investment: Adequate financial support is essential for research, development, and the implementation of innovative ideas. Budget for Innovation: Allocating specific budgets for innovation initiatives allows organizations to prioritize and support innovative projects.

They are also called “Entrepreneurial Support Organizations”. We identified 11 distinctive corporate-startup collaboration form including incubators, accelerators, CVCs, venture studios etc. Some new forms have been emerged recently so no comprehensive data is available yet.

La gestión de los recursos de innovación, como incubadoras, aceleradoras y capitalistas de riesgo, implica un enfoque estratégico y cuidadoso. Aquí hay algunas sugerencias para gestionar estos recursos de manera efectiva: 1-Definir una Estrategia Clara 2-Establecer metas y objetivos para tu negocio. 3-Selección Rigurosa: Selecciona la incubadora o aceleradora que tenga experiencia en la categoría que quieres emprender. 4-Evalúa tanto el equipo emprendedor como la viabilidad del modelo de negocio. 5-Colaboración y Networking: 6-Evaluación Continua del Programa 7-Realiza ajustes y mejoras según sea necesario para mantener la relevancia y eficacia.

"Innovation resources" refers to the various inputs, assets, and elements that organizations use to foster and drive innovation within their processes, products, or services. These resources can be tangible or intangible and play a crucial role in enabling creativity and the development of new ideas. Here are some common types of innovation resources: Human Capital: Skilled and creative individuals who contribute ideas, expertise, and diverse perspectives to the innovation process. Financial Capital: Funding and investment to support research and development, prototyping, and the implementation of innovative ideas.

There are tons of resources out there available for the new and aspiring entrepreneur. There is the Small. Business Administration, SCORE, your local Small Business Development Center (SBDC), Bunker Labs, Institute for Veterans and Military Families (IVMF) programs such as Spark, Ignite, and the Entrepreneurship Bootcamp for Veterans with Disabilities (EBV), among many others. I have personally had the opportunity to participate in the IVMF Entrepreneurship Bootcamp for Veterans a few years ago. It was an incredible amount of knowledge gained, references acquired, and connections made over the course of the program. I was also able to consult at the Emerging Business Factory in Marrakesh, Morrocco as part of an International program.

Based on our empirical research, we identified 6 selection criteria. Definitely, your strategy is a key determinant. But also, maturity of startup or time horizon are also important. Another key factor is available budge for collaboration.

When managing an startup, to increase your chances of success in obtaining financing, you can: - Use multiple sources of information (investors' websites, company profiles or press releases) - Look for patterns and trends in their portfolios to identify which investors are most likely to be interested in your startup. - Pay attention to the language they use; if an investor uses a lot of technical jargon, they may be more interested in startups with a strong technical team. - Investigate the size and typical investment stage; early-stage investors may invest smaller amounts of money in startups that are just getting started, while later-stage investors may invest larger sums in startups that have already gained some traction in market.

Tools and Equipment: Access to advanced technologies, software, and hardware can facilitate the development and implementation of innovative solutions. Information Systems: Efficient data management systems and information-sharing platforms support the innovation process. R&D Facilities: Well-equipped laboratories and research facilities are vital for conducting experiments, testing hypotheses, and developing new technologies. Intellectual Property: Patents, trademarks, and other forms of intellectual property protection encourage innovation by safeguarding the rights of innovators.

Choosing the right innovation resources involves a careful evaluation of your organization's goals, needs, and the specific context of the innovation you're pursuing. Here are some steps to help guide you in choosing the right innovation resources: Understand Your Objectives: Clearly define your innovation goals and objectives. What are you trying to achieve through innovation? Whether it's improving products, processes, or services, having a clear vision will guide your resource selection. Assess Current Capabilities: Evaluate your existing resources, including human capital, technology, and financial capacity. Understand your strengths and weaknesses to identify gaps that need to be filled with additional resources.

No two innovation resources are the same, categories like accelerators or incubators or company-builders are helpful in organizing options but they should not directly influence your decision. Additionally, it is the job of each resource to sell you, it’s their business and they benefit from you. Make you are driving any investment with a clear understanding of your strategy (what success for your company looks like), their specific expected contribution to that strategy, and any work you need to do internally to enable their contribution. Then make sure the expectations of the resources contribution is clear to them and manage them accordingly. There’s a number of flashy, exciting and fun options, don’t be drawn in by “innovation theater.”

Partnerships: Collaborating with external entities, such as other companies, research institutions, or startups, can provide access to complementary skills and resources. Innovation Ecosystems: Being part of an innovation ecosystem fosters collaboration and knowledge exchange within a broader network. We can help from our innovation ecosystem called entrepreneursface

Preparing for engaging with innovation resources involves careful planning and consideration of your organization's specific needs and goals. Here are steps to help you prepare effectively: Define Your Innovation Objectives: Clearly articulate your innovation goals and objectives. Understand what you aim to achieve through innovation, whether it's developing new products, improving processes, or entering new markets. Conduct a Resource Assessment: Evaluate your existing resources, both internal and external. Identify strengths, weaknesses, opportunities, and threats related to innovation. This assessment will help you determine the gaps that need to be filled with additional resources.

Robust Communication and Collaboration: Open Communication Channels: Foster open and transparent communication channels between your organization and innovation partners. Maintain regular updates, share insights, and address challenges collaboratively. Cross-Functional Collaboration: Encourage collaboration across different departments and teams within your organization. Break down silos and facilitate cross-functional teamwork to leverage diverse perspectives and skills. This approach maximizes the impact of innovation resources.

The key is to set clear goals from the beginning. As the corporate partner, you need to be very clear on the outcomes you want to create and the strategic reason for the engagement in the first place. This then also needs to translate into the setup of the contract and the commercial value exchange. It needs to be clear how your strategic ambitions will be achieved with the collaboration and that the commercial outcomes have a clear tie to that.

An overlooked aspect of innovation partnerships is the ability for the incumbent organization to work with these resources. All too often the corporate / functional policies, processes and capabilities immobilize such partnerships. For example, getting a start-up approved by procurement can take months if not years; time a new venture does not have to invest. It is critical to assess the willingness and ability of functional groups (e.g., Legal, HR, Finance, Marketing) and resource champions to adapt to these resources.

In my experience, innovation is omnipresent, and exploring diverse sources enhances our insights. For optimal results, a blend of backgrounds within the innovation unit or project group is ideal, combining academia, startups, innovation managers, and government expertise. To effectively engage with innovation sources, it's crucial to meticulously define and passionately embrace the problem at hand. This ensures that the collaboration with innovators is purpose-driven, focused on problem-solving rather than a mere solution-oriented approach. Lastly, the assessment of innovation sources should be based on both quantitative and qualitative data.

Managing the relationship with innovation resources is crucial for the success of your innovation initiatives. Here are key strategies to effectively manage these relationships: Establish Clear Objectives: Clearly define the objectives and expectations of the innovation collaboration. Ensure that both parties have a shared understanding of the goals, timelines, and desired outcomes. Open and Transparent Communication: Foster open and transparent communication channels. Regularly communicate progress, challenges, and changes in expectations. Address concerns promptly and encourage your innovation partners to do the same.

Effectively manage the relationship with innovation resources by fostering open communication and transparency. Clearly define expectations, roles, and deliverables. Regularly update stakeholders on progress and challenges. Seek feedback and leverage the expertise of the resource. Cultivate a collaborative and mutually beneficial partnership. Be adaptable to changes and iterate based on feedback. Establish a strong rapport through networking and relationship-building activities. Showcase the impact of their support on your innovation. Regularly reassess and realign goals to ensure continued alignment and success.

Evaluate the impact of innovation resources by defining and tracking key performance indicators (KPIs) aligned with project goals. Measure customer validation through satisfaction, recommendations, and purchase likelihood. Assess product development by tracking features developed, performance, and iterations. Evaluate business growth using metrics like revenue, profit, market share, and funding secured. Carefully select, prepare, and manage innovation resources for optimal impact. This approach has proven successful in enhancing innovation potential, as demonstrated by experiences in diverse industries.

You need to be clear about the organisational strategic objectives for the collaboration first. I have seen too many corporates who could not express how the activity will add value to the organisation or business. If you have that clear, you can articulate clear KPIs across Activities, Outputs and Outcomes that should be reviewed and met to have a real impact. But also be clear that at first, there will be a learning curve on both sides and the first round might not yet yield the highest possible impact. Several loops of engagement and refinement have to be factored in, as long as they are guided by the right north star metrics.

There are innovation performance metrics and business impact metrics. # of hypothesis tested, customer feedback, rates of learning, ideas kept and killed, IP generate, # products launched are examples of the former. Revenue, cost and time savings, customers acquired or kept are usually the evaluations the business cares about most. For the innovation lead, realize that these are not mutually exclusive. Its hard to justify innovation resources if you can't achieve business impact. You have to be able to finish the story!

From my experience, the true measure of success for any resource lies in its tangible impact on the project's trajectory. I advocate for a more dynamic approach to evaluating innovation resources. It's essential to go beyond traditional KPIs and embrace a more holistic view. The focus should be on assessing how effectively these resources expedite the innovation process. For example, in customer validation, it's the quality of feedback that matters, not quantity. Always make sure that innovation resources are not just supporting but actively enriching and accelerating your innovation journey.

Evaluate the impact of innovation resources by measuring key performance indicators (KPIs) aligned with your objectives. Track financial metrics, such as revenue growth and ROI. Assess the development of innovative products or services. Monitor the acceleration of business processes. Gather feedback from internal teams and external stakeholders. Measure the expansion of your network and collaborations. Analyze the success rate of funded projects. Conduct periodic reviews against predefined milestones. Assess the overall cultural shift towards innovation within your organization. Regularly recalibrate metrics to ensure ongoing relevance and continuous improvement.

Customer-centric innovation, a collaborative journey with the customer, places a strong emphasis on robust business analysis to grasp their core needs. Through the iterative processes of Design Thinking and Agile methodologies, effective customer feedback aligns resources, minimizing wastage and guiding the innovation journey. This dynamic, customer-inclusive approach ensures that innovations are honed through Design Thinking's creative ideation and Agile's iterative refinement, resulting in solutions that precisely meet authentic customer needs and establish a powerful foundation for success.

How much budget do you have? How long can you wait for the outcomes? Your answers to these two key questions are determinant. Also, what’s your goal? How much risk can you take?

What's your management thesis? Flexible? Agile? Lean? Structured? Uni-like? What type of follow-up support will you provide? How will you track the indirect impact? How will you create a community around your offering?

Embedding agile methodologies in the management and evaluation of innovation resources can lead to more dynamic, responsive, and effective innovation ecosystems. In my understanding, this approach not only aligns with the fast-paced nature of technological and market changes but also ensures a more collaborative and data-driven strategy in nurturing innovation.