Five factors of corporate incubator success
Corporate incubators are becoming popular approaches to driving innovation in an age of disruption, but can be hard to do well. How can you help yours succeed?
Innovation does not come naturally to most companies – especially not the kind of innovation that requires thinking outside the business’s core focus areas, or moving beyond its established culture and processes. However, as new players and new approaches disrupt sectors, this is exactly what many businesses need to do.
To help boost in-house innovation, many organizations are beginning to set up dedicated innovation units to explore opportunities and operate outside the constraints of existing operating models. Dubbed “corporate incubators,” if done well, these can help businesses identify and engage with new fields and opportunities by operating nimbly in new areas, testing approaches to identify potential new routes to success.
To truly drive business growth and transformation, however, corporate incubators need to be set up in the right way. EY’s Markus Heinen and Dr. Susanne S. Wosch have identified five key areas for corporate incubator success.