Industry agnostic: all you need to know for any innovation idea
Jun 20, 2022
Corporates are now intrigued by the idea of innovating from a safer stance by addressing a challenge within the company, in an area they already excel in, thus being able to apply all of their know-how.
Why is Corporate Venture Building industry agnostic? A hybrid approach using Artificial Intelligence.
To begin writing this article, I visited OpenAI, a tool that facilitates interaction with Artificial Intelligence. I then developed arguments both in favor and against Corporate Venture Building being industry agnostic and used them as a reference to support the claims I present below.
According to Artificial Intelligence (AI), CVB is a suitable industry-agnostic methodology for safer corporate innovation. It understands that some industries are more traditional and might reject the approach.
Our experience building ventures in Proptech and Mobility, and designing business concepts in Construction, Heavy Industries, and Pharma, demonstrates that while some industries are still reticent regarding innovation, they will find themselves actively seeking it sooner rather than later. The most effective way for them to achieve this is through ‘safe innovation’, or CVB.
I call it ‘safe innovation’ because Byld has developed a methodology that makes entrepreneurship safer by creating what the client needs. Clients’ opinions are more important than ever. They constitute ground zero for opportunities that can steer industries’ purposes which is why ignoring them is lethal. It is also why, among other key areas to be analyzed, we formulated a process that reduces startup failure ratios: 9 of 10 startups do not fail anymore.
I will rely on OpenAI as a source of arguments for CVB and further expand on the topics outlined below.
Expanding arguments for Corporate Venture Building presented by AI
DaVinci-002 arguments in favor of CVB.
Mainly focused on opening new markets and revenue streams, stimulating strategic partnerships, and accelerating product development and talent retention. These are straightforward reasons why CVB is positive regardless of the industry, but we are yet to answer how this methodology is agnostic.
Hierarchies implanted for decision-making limit corporations’ growth.
Sometimes corporations are held back by the resistance to generating innovation within. Our brains are biologically adapted to preserve energy, and thinking outside the box while imagining a future where the current revenue stream might tremble is an effort we subconsciously avoid. For traditional industries with conservative boards, innovation might have been sluggish due to the lack of pressure to change. In the current post-pandemic, sustainability-focused, web3-ingluenced digital scenario, a conservative approach can become deadly in the long term.
Companies do not perish as Hollywood taught us.
It’s not as immediate and action-packed as we think. It might even take decades. It starts with decreasing profits, an inability to capture first-class talent, and a slow decline in the company’s market share. The majority is, thankfully, not there yet. Most big corporations, conservative or not, have outstanding talent with know-how that, mixed with a methodology for innovation and a dedicated team, could potentially come up with new product/market fit ideas.
These new ideas will require funding, networks, market capillarity, talent, guidance, and so on. We are talking about perks that corporations already have due to their size and experience, as well as advantages like flexibility, agility, and experience that they can obtain by joining forces with corporate venture builders, in this way generating synergies that can launch any venture idea to the next level.
Regardless of which industry a corporation belongs to, the need to complement companies’ industrial know-how with a methodology for innovation has emerged, just as we do in our corporate venture building model. In the current, fast-changing entrepreneurial landscape, you adapt or perish.
For instance, nowadays, everyone is scrambling to comprehend web3, make their value proposition more sustainable, and apply circularity to the waste they produce in order to generate added value, among others.
Here at Byld, we are ready to take on these challenges with you and build the next generation of startups that will reshape the world.
Stay tuned, we'll tell you everything in a Blynk!