The 5 Principles for Creating an Innovation Ecosystem

Rather than striving to be startups, established companies need an ecosystem approach to their innovation efforts, combining cool new ideas with profitable business models for successful innovation. The five core principles outlined in The Corporate Startup offer a guide for companies building their innovation ecosystems, emphasizing the importance of having an innovation thesis, managing an innovation portfolio, and using an innovation framework and accounting measures aligned to the company's overall strategy. Innovation practice is also critical, with the Lean Product Lifecycle and Adobe's Kickbox providing guidance for product teams, and a focus on validated value and growth hypotheses for lean innovation.