Today, more than ever, innovation is the key to sustainable competitive advantage, and its pursuit is the holy grail of most companies with global ambitions. Innovation comes naturally to most small, entrepreneurial companies because it is vital to their survival and growth. Innovation in large companies presents more significant challenges, since they tend to be more process-driven and less tolerant of risk.
Based on our field work over the last 28 years, we have learned how leading companies have stimulated innovation in a relatively short time period by harnessing the power of the business plan competition, a concept that was leveraged from the world of entrepreneurship.
The benefits of venture competitions include 1) generation of new products and services, 2) development of employee business acumen and entrepreneurial capability, and 3) improved internal networks, enhancing cross-company collaboration and business results.
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