Corporate CEOs’, your next big revenue stream won't cost as much as you think

Most corporate CEOs know they need to embrace innovation — but there's a more effective and affordable way than what's been tried before. This piece shows how successful collaboration with ventures, anchored by frameworks and early-defined success metrics, has generated measurable new revenue streams for companies like Brunswick.

Key points in this article: Most corporate CEOs already know they need to embrace innovation and engage with entrepreneurs — but there’s a more effective way to do it than what’s been done in the past. Successful collaboration requires a framework that defines success metrics early and stays engaged beyond the initial investment. Brunswick Corporation demonstrated how an ecosystem of entrepreneurial activity could be leveraged to drive innovation. Collaboration between entrepreneurs and large companies is challenging due to differences in language, risk profiles, timelines, and DNA, but a nimble strategy can be executed quickly. When I meet with corporate CEOs, they’re already yearning to embrace external innovation. And they recognize the urgency of doing so . They understand their internal teams may have a "not invented here" problem, where they resist looking externally for new ideas. They're also aware of the innovator's dilemma, where they are so focused on the way things are done today that they're blind to the disruptions that could come tomorrow. What we’re doing is helping CEOs see that there is an effective way to engage with entrepreneurs without incurring high costs. It's about more than sponsoring pitch contests, hosting entrepreneur days, or investing without a thoughtful plan for collaboration. These are all innovation theater and produce few tangible results. A more powerful and productive way to engage with entrepreneurs than they’ve done in the past is to partner with people who have an entrepreneurial mindset and can not just invest, but know how to collaborate with all parties involved. Instead, it's about setting up a framework that allows for successful collaboration beyond the initial investment. It's about defining success metrics early and staying engaged beyond the first 18 months. The CEOs who are ahead of the game embrace this approach, tap into a wealth of innovative ideas, and stay ahead of the curve in ever-changing markets. They alrea

By Terry Howerton at TechNexus Venture Collaborative