Harvard Case - JetBlue Technology Ventures: Bringing External Innovation In House
"JetBlue Technology Ventures: Bringing External Innovation In House" Harvard business case study is written by Joseph Golden, Amit Sridharan, Robert A. Burgelman. It deals with the challenges in the field of Entrepreneurship. The case study is 40 page(s) long and it was first published on : Sep 25, 2019
At Fern Fort University, we recommend that JetBlue Technology Ventures (JTV) continue its strategy of investing in and acquiring promising startups, but with a greater emphasis on integrating these innovations into JetBlue?s core operations. This integration should be facilitated through a combination of corporate venture capital, incubator programs, and strategic partnerships to leverage the acquired technologies and expertise for greater business growth and disruptive innovation.
2. Background
JetBlue Technology Ventures (JTV) is a subsidiary of JetBlue Airways, established in 2016 to invest in and acquire promising startups in the travel and technology space. JTV?s mission is to identify disruptive innovation and leverage it to enhance JetBlue?s core operations, improve customer experience, and drive business growth. The case study highlights JTV?s initial success in identifying and investing in startups that align with JetBlue?s strategic goals. However, the case also raises questions about the effectiveness of integrating these acquired technologies and expertise into JetBlue?s existing operations.
The main protagonists of the case study are:
- Bonny Simi, the CEO of JTV, responsible for leading the venture capital arm and driving innovation.
- Robin Hayes, the CEO of JetBlue, who needs to ensure JTV?s investments align with JetBlue?s overall strategy and contribute to its success.
- The JTV team, responsible for identifying, evaluating, and investing in startups, as well as managing the integration process.
3. Analysis of the Case Study
JTV?s approach to innovation can be analyzed through the lens of corporate venturing, a strategy that allows established companies to leverage external innovation for their own growth. JTV?s model involves:
- Investment: JTV invests in startups through venture capital and angel investing, providing funding for promising ventures.
- Acquisition: JTV acquires startups that offer technologies or solutions that are strategically aligned with JetBlue?s goals.
- Incubation: JTV provides support and resources to help acquired startups scale and integrate their solutions into JetBlue?s operations.
However, the case study highlights the challenges associated with integrating external innovation into a large, established organization like JetBlue. These challenges include:
- Organizational inertia: Existing processes and structures within JetBlue may hinder the adoption of new technologies and business models.
- Cultural resistance: Employees may resist changes introduced by external startups, especially if they perceive them as disruptive or threatening to their roles.
- Integration difficulties: Integrating startup technologies and solutions into JetBlue?s existing systems and processes can be complex and time-consuming.
4. Recommendations
To overcome these challenges and maximize the value of JTV?s investments, we recommend the following:
Develop a structured integration framework: JTV should create a comprehensive framework for integrating acquired startups into JetBlue?s operations. This framework should include clear processes for:
- Due diligence: Thoroughly evaluating startups beyond just financial metrics to assess cultural fit, integration potential, and alignment with JetBlue?s strategic goals.
- Onboarding: Providing acquired startups with the necessary resources, support, and guidance to navigate JetBlue?s internal processes and culture.
- Pilot testing: Conducting pilot programs to test the acquired technologies and solutions in real-world scenarios before full-scale implementation.
- Scaling and adoption: Developing strategies for scaling up successful pilots and integrating the acquired technologies into JetBlue?s core operations.
Foster a culture of innovation: JTV should work with JetBlue?s leadership to foster a culture of innovation within the organization. This can be achieved through:
- Leadership buy-in: Ensuring that senior executives champion the integration of external innovation and actively support JTV?s efforts.
- Employee engagement: Creating opportunities for employees to interact with startups, learn about new technologies, and contribute to the integration process.
- Incentivizing innovation: Developing reward systems that recognize and incentivize employees who contribute to the successful integration of external innovation.
Leverage strategic partnerships: JTV should explore strategic partnerships with other companies and organizations in the travel and technology space. These partnerships can provide:
- Access to new technologies: Partnerships can facilitate access to cutting-edge technologies and solutions that JetBlue may not have developed internally.
- Joint development opportunities: Partnerships can enable the development of joint solutions that leverage the strengths of both companies.
- Market reach: Partnerships can expand JetBlue?s market reach and access new customer segments.
Establish an internal incubator program: JTV should establish an internal incubator program to nurture and develop promising ideas and technologies within JetBlue. This program can:
- Encourage intrapreneurship: Provide a platform for employees to develop and test their own innovative ideas.
- Develop internal talent: Identify and cultivate employees with entrepreneurial skills and potential.
- Generate new business opportunities: Identify and develop new products, services, or business models that can enhance JetBlue?s offerings.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations align with JetBlue?s core competencies in air travel and its mission to provide a superior customer experience.
- External customers and internal clients: The recommendations focus on leveraging external innovation to enhance customer experience and improve operational efficiency, benefiting both external customers and internal clients.
- Competitors: The recommendations aim to keep JetBlue ahead of the curve in a rapidly evolving industry by embracing disruptive innovation and leveraging emerging technologies.
- Attractiveness - quantitative measures: The recommendations are expected to lead to increased revenue, improved operational efficiency, and enhanced customer satisfaction, ultimately contributing to JetBlue?s financial performance.
6. Conclusion
By adopting these recommendations, JetBlue can transform JTV from a passive investor into an active driver of innovation within the organization. This will enable JetBlue to leverage external innovation to achieve its strategic goals, enhance its competitive advantage, and drive sustainable growth in the long term.
7. Discussion
Other alternatives not selected include:
- Focusing solely on investment: JTV could continue to invest in startups but avoid acquiring them or integrating them into JetBlue?s operations. This approach would limit the potential for direct impact on JetBlue?s business.
- Outsourcing innovation: JetBlue could outsource innovation activities to external partners, relying on third-party companies to develop and implement new technologies. This approach could lead to a loss of control over innovation and a lack of integration with JetBlue?s core operations.
The key risks associated with the recommendations include:
- Integration challenges: Integrating acquired startups into JetBlue?s operations can be complex and time-consuming, potentially leading to delays and unforeseen challenges.
- Cultural resistance: Employees may resist changes introduced by external startups, leading to resistance and hindering the adoption of new technologies.
- Financial risk: Investing in startups can be risky, and JTV may not always achieve successful returns on its investments.
8. Next Steps
To implement these recommendations, JTV should:
- Develop a detailed integration framework: Define clear processes and timelines for due diligence, onboarding, pilot testing, and scaling of acquired startups.
- Engage with JetBlue leadership: Secure buy-in from senior executives and ensure that the integration process is aligned with JetBlue?s overall strategy.
- Develop a communication plan: Communicate the benefits of external innovation to employees and address concerns about potential disruptions.
- Establish an internal incubator program: Develop a program that encourages intrapreneurship and fosters a culture of innovation within JetBlue.
- Identify and pursue strategic partnerships: Identify potential partners in the travel and technology space and explore opportunities for collaboration.
By taking these steps, JetBlue can leverage the power of external innovation to achieve its strategic goals and become a leader in the evolving travel industry.
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Case Description
Since its founding in the late 1990s, JetBlue Airways has been known as an innovator in the U.S. airline industry. This case explores how in the mid- to late-2010s, JetBlue sought to drive further innovation by setting up a corporate venture capital arm. Led by Bonny Simi, a long-time JetBlue executive, commercial airline pilot, former U.S. Olympian, and Stanford alumna, JetBlue Technology Ventures (JTV) seeks to bring external innovation in house. The case relates the history of JTV's establishment, details its investment decision-making criteria and processes, and examines the governance structures put in place to ensure strategic alignment with its corporate parent. Considerable attention is also paid to the ways in which JTV helps integrate into JetBlue Airways new technologies developed by the start-ups it invests in. Overall, the case assesses how JTV tries to achieve both financial and strategic objectives, which has historically been a challenge for corporate venture capital arms set up by other large companies across a variety of industries.
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