New Ventures, Radical Innovation

How should companies allocate resources to fund innovative ideas proposed by their internal staff? Will they hire external resources or allow their staff to create a team and run with it? In this article, Stefan Lindegaard provides helpful insights on how to manage disruption caused by innovation projects and ensure success. Lindegaard recommends keeping a strong focus on internal resources as they have the best knowledge of the business and industry. However, you should also consider external perspectives and partnerships. It's important to create a process to manage the disruption caused by innovation projects and get executives involved early on to solve organizational issues. Lastly, companies need to set up an arms-length structure to guard new ventures from established corporate business units.