Corporate innovation programmes can be categorised into ten types. Firstly, there are ‘Innovation Excursions’ that involve visits to innovation hubs, startups and conferences. Secondly, ‘Innovation Outposts’ are small, dedicated teams stationed in global innovation hubs. Next, ‘Internal Innovation Consultancies’ are internal teams that help other departments innovate. Fourthly, ‘Innovation Labs’ are physical spaces for employees to engage in innovative thinking. Fifthly, ‘Innovation Centres’ are larger versions of labs, often located in global innovation hubs.
The sixth type is ‘Product Incubators’ that develop new products, often in partnership with startups. Seventh are ‘Business Model Incubators’ that help develop new business models. Eighth, ‘Accelerator Partnerships’ involve corporations partnering with independent accelerators to access their startup networks. Ninth, ‘Startup Acquisition’ involves corporations acquiring startups for their technology or talent. Lastly, ‘Open Innovation’ programmes encourage external parties to solve corporate problems.
Each programme type has its pros and cons, and corporations must choose based on their specific needs and capabilities. A combination of these programmes can often yield the best results. It’s also important to note that innovation programmes must be supported by a culture of innovation to be successful.
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