Five Time Entrepreneur. WIRED Top 100 Innovator. BRITS and BAFTA Winning Music & Media Executive. Professional Soccer Player. Proud Mama.
To better understand what I do, it’s important to get a grasp on what venture development is.
Through venture development, entrepreneurs collaborate with large corporations to co-create new solutions through collaborative innovation. These collaborations benefit both sides, allowing corporates to enter new markets while startups are able to develop their products and then scale.
Entrepreneurs provide a unique vision and when combined with the resources and deep domain expertise of large corporations, unique opportunities arise — the type of opportunities that can lead to great success for everyone involved.
However, the success of these collaborations will depend on each side understanding the true incentives, interests, culture, and expectations of the other. In turn, the best possible collaboration model can be selected and utilized.
Throughout the process of venture development, the corporation faces decisions, such as:
✔ What is the problem (it’s not always what we think it is)?
✔ What’s the best solution?
✔ What’s the minimum viable proposition and how do you test it?
✔ What is the likelihood of success?
✔ What’s the size of the market opportunity?
✔ Who are the customers?
✔ What’s the business model?
✔ Who is the best partner with whom to develop a new venture?
A good venture development partner knows that structure defines outcomes and in turn, implements the most appropriate framework.
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