Venture
Fostering Intrapreneurship and New Business Opportunities
”It’s no use sitting around dreaming up fantastic ideas
unless you’re prepared to do the hard work of making
things happen.”
Theodore Levitt. Harvard Business Review
Venture
Overview:
• 3-day combined assessment and development centre.
• Cross-functional teams of Hi-Potential Managers work
together in a pressurised, intensive and testing
environment
• Venture has been designed to run independently or as a
complementary extra elective to existing Senior
Management and Executive Leadership Development
Programmes
Venture
Background:
• Research shows that it’s the cross-pollination of
various disciplines through multi-functional
teams that drives real innovation
• The Innovo Model of Applied Innovation uses
this concept to drive innovation internally
through the process of intrapreneurship
Venture
What is Intrapreneurship:
• Intrapreneurship is the practice of applying
entrepreneurial skills and approaches within a
company.
• The goal of intrapreneurship is to focus on
innovation and creativity, and transform an idea
into a profitable venture, while operating within
the organisational environment
Venture
Primary Objective:
• Challenge individuals and teams to develop
their intrapreneurial flair by using creativity
and innovation tools to come up with new
business ideas and opportunities for their own
organisations.
Venture
Venture Objectives:
• Understand and apply the concept of intrapreneurship
• Apply innovation techniques and creative thinking internally
• Think more intrapreneurially and balance risks against
opportunities
• Spot opportunities, filter them and take them forward
commercially
• Better understand participants’ own competencies (in
relation to specific client-defined competencies) and be able
to harness those competencies to become more effective in
leading and participating in high performance
intrapreneurial teams
Venture
Key Output of Venture:
• Client gains a number of business-cased
opportunities for further development/
consideration.
Venture
Relevant Areas of Model for client organisation:
• Elements of Stage 1 will be incorporated into precourse assessment and Day 1 of training
• Bulk of training will be completed in Stage 2 of the
model through assessment centre
• Elements of Stage 3 can be activated once business
cased ideas are assessed and considered internally
Venture
Pre – Course Assessment:
• The participant Hi-Pos are assessed to determine
their knowledge and application experience in use
of innovation tools and creativity techniques.
• Participants will also complete the Kirton
Adaptation-Innovation Inventory (KAI), a highly
validated tool that provides valuable “insight into
how people solve problems and interact whilst
decision-making”
Venture
Day 1 Outline:
• Participants learn through case studies of best practice
Intrapreneurship and how the theory is applied in an
organisational context
• Participants are up-skilled on range of creative and
innovative thinking tools and techniques
• Participants also learn how skills and traits that are
common to entrepreneurs can be applied and adapted
intrapreneurially for the benefit of the client
organisation
Venture
Day 2 Outline:
• Day-long, intensive ‘Assessment Centre’.
• Participants work in two sub-groups under
observation and assessment by business
psychologists (optional) and qualified trainers.
• Participants are closely monitored and assessed
against client-defined Hi-Po leadership, innovation
and management style competencies.
Venture
Day 2 Outline – Continued:
• Each sub-group is tasked with generating new
business ideas using relevant innovation and
creativity tools and techniques.
• After a filtering process, the top 3 ideas
considered by each team to have most
potential are business-cased for presentation
on Day 3.
Venture
Day 3 Outline:
• Selected ideas presented in pairs in ‘Dragon’s Den’
style to a review panel of Innovo and Senior Executive
assessors from the client organisation.
• All participants receive one-to-one feedback from the
assessors which acts as foundation for a post-course
Action Plan.
• Participants share these outcomes with their own
managers as input into their Personal Development
Plan
Venture
Leadership/ Talent Development:
• The Leadership Development Phase of the Venture
Model is designed to train the participant in the
necessary leadership skills required to gain
commitment and support for the business cased
solution(s) that emerged from the assessment centre
• In order to develop the proposed solution(s) a
combination of technical business management skills
such as Project Management, and Financial Planning,
as well as the equally important interpersonal skills
such as Gaining Power and influence, and Critical
Conversations, need to be deployed.
Venture
Leadership/ Talent Development (Options)
Participants can also have their Leadership
Style and competencies assessed using
leading psychometric and leadership
assessment tools such as MBTI, 16PF and
FIRO-B.
Venture
Highlights and Benefits:
• Dovetails with existing Hi-Potential and Senior Exec. Development
Programmes
• Client gains a number of business-cased opportunities for further
development / consideration
• Participants learn best practice intrapreneurship and entrepreneurship
through case studies and (potentially) guest speaker(s)
• Assesses Hi-Po participants’ performance against client specific
competencies and gives timely feedback
• Participants receive in-depth constructive feedback on their
performance to factor into their Personal Development Plans (with
supports talent development)
Venture
Measures of Success:
• Quality and relevance of ideas business cased – how many
go forward to further development/ implementation
• Qualitative feedback from participants post assessment
centre
• Performance improvement of Hi-Pos Vs client specific
competencies ‘on the job’
• Quality of participant ‘Action Plans’ and relevance to
Personal Development Plans