Harvard Case - New Business Creation: The Art of Starting Companies at GE
"New Business Creation: The Art of Starting Companies at GE" Harvard business case study is written by Robert F. Higgins. It deals with the challenges in the field of Entrepreneurship. The case study is 29 page(s) long and it was first published on : Jan 25, 2017
At Fern Fort University, we recommend that GE further cultivate its entrepreneurial spirit by establishing a dedicated ?GE Ventures? division. This division would act as an internal incubator and accelerator, focusing on fostering innovation, developing new business models, and nurturing high-potential startups within the GE ecosystem.
2. Background
GE, a global conglomerate with a rich history of innovation, has always been a champion of entrepreneurship. The case study highlights the company?s efforts to encourage internal entrepreneurship through initiatives like the ?New Business Creation? program. This program aimed to empower employees to develop new business ideas and bring them to fruition within GE?s existing structure.
The case study?s main protagonists are the entrepreneurs and founders who successfully navigated the internal process, gaining resources and support from GE to launch their ventures. However, the case also highlights the challenges faced by these entrepreneurs, including navigating bureaucratic hurdles, securing funding, and balancing their entrepreneurial pursuits with their existing roles within GE.
3. Analysis of the Case Study
This case study can be analyzed through the lens of entrepreneurial management and corporate innovation.
Entrepreneurial Management:
- Organizational Culture: GE?s culture, while supportive of innovation, presented a challenge for entrepreneurs. The existing hierarchical structure and emphasis on established businesses created friction for new ventures.
- Decision-Making: The decision-making process for funding and resource allocation within GE was complex and often favored existing businesses over new ventures.
- Leadership: The case highlights the importance of strong leadership in fostering an entrepreneurial spirit. Leaders who championed innovation and empowered entrepreneurs were crucial to the success of new ventures.
Corporate Innovation:
- Business Model Innovation: The case study demonstrates the value of exploring new business models, particularly in the context of disruptive innovation. GE?s entrepreneurs successfully developed innovative models that challenged existing industry norms.
- Growth Strategy: GE?s efforts to foster internal entrepreneurship can be seen as a strategic initiative to diversify its portfolio and create new growth opportunities.
- Technology and Analytics: The case study highlights the increasing importance of technology and data analytics in driving innovation and creating new business opportunities.
4. Recommendations
Establishment of GE Ventures:
- Structure and Design: Create a dedicated division within GE called ?GE Ventures? to foster and support internal entrepreneurship. This division should have a dedicated team of experienced entrepreneurs and venture capitalists.
- Incubator and Accelerator Program: Establish an incubator and accelerator program within GE Ventures. This program would provide resources, mentorship, and guidance to entrepreneurs within GE.
- Funding and Investment: Develop a dedicated funding mechanism for GE Ventures, including venture capital funds and angel investing programs. This will enable the division to provide financial support to promising startups.
- Organizational Change: Promote a culture of innovation and risk-taking within GE Ventures. This will require a shift in mindset and a commitment to supporting new ventures.
Other Recommendations:
- Market Segmentation: GE Ventures should focus on identifying and targeting specific market segments where new ventures can thrive.
- Product Development: Provide resources and support for product development, including access to GE?s vast technological expertise and manufacturing capabilities.
- Marketing and Branding: Develop a robust marketing and branding strategy for GE Ventures to attract talent and investors.
- Partnerships: Forge strategic partnerships with external venture capital firms, incubators, and accelerators to expand the reach and impact of GE Ventures.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: GE Ventures aligns with GE?s core competency in innovation and its mission to create value for its stakeholders.
- External Customers and Internal Clients: GE Ventures will cater to the needs of both external customers (through the development of new products and services) and internal clients (by providing a platform for entrepreneurial growth).
- Competitors: GE Ventures will position GE as a leader in corporate innovation, enabling it to compete effectively in a rapidly changing market.
- Attractiveness: GE Ventures has the potential to generate significant returns on investment through the creation of new businesses and the development of disruptive technologies.
6. Conclusion
By establishing GE Ventures, GE can unlock its full potential for innovation and entrepreneurial growth. This dedicated division will provide a platform for nurturing new ventures, fostering a culture of innovation, and creating new sources of revenue and value for the company.
7. Discussion
Alternatives:
- Maintaining the status quo: This would limit GE?s ability to capitalize on new opportunities and could lead to a decline in its competitive position.
- Outsourcing innovation: While outsourcing can be beneficial, it may lead to a loss of control over intellectual property and a diminished ability to leverage GE?s internal expertise.
Risks and Key Assumptions:
- Risk: GE Ventures may not be successful in attracting and nurturing high-potential entrepreneurs.
- Assumption: GE?s existing culture can be adapted to support a more entrepreneurial mindset.
8. Next Steps
- Phase 1 (Year 1): Establish GE Ventures, recruit key personnel, and develop an initial portfolio of startups.
- Phase 2 (Year 2): Launch the incubator and accelerator program, secure funding, and begin scaling the most promising ventures.
- Phase 3 (Year 3): Expand GE Ventures, attract external partners, and explore potential IPOs or acquisitions for successful startups.
By taking these steps, GE can position itself as a leader in corporate innovation and unlock the full potential of its entrepreneurial spirit.
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