Abstract

The article focuses on the venture manager as a corporate innovator. Corporate managers are increasingly aware that the bureaucratic form of organization is incapable of coping effectively with environmental changes. One pivotal area where ineffectiveness manifests itself is new product development or, in the broader context, new business development. With the increasing emphasis on new business development, research and development and the complexity of product mixes required for various market segments, more and more managers are seeking new approaches to corporate innovation. One approach to corporate innovation receiving recent widespread attention is venture management. As generally practiced, a venture group consists of a team of organizational experts on bringing about the orderly development of new businesses. Such 'V-teams' are often segregated from the more routine activities of the corporation to insure that their creative efforts are devoted solely to the development of new business.