Harvard Case - R/GA: Corporate Venture Studio vs. Accelerator
"R/GA: Corporate Venture Studio vs. Accelerator" Harvard business case study is written by Andy Wu, Grant Son, Aastha Thakkar. It deals with the challenges in the field of Entrepreneurship. The case study is 23 page(s) long and it was first published on : Dec 19, 2018
At Fern Fort University, we recommend R/GA pursue a hybrid approach, leveraging the strengths of both a corporate venture studio and an accelerator. This strategy will allow R/GA to capitalize on the benefits of both models while mitigating their respective drawbacks. This hybrid approach will foster a more robust and dynamic innovation ecosystem within R/GA, driving both internal and external innovation.
2. Background
R/GA, a global marketing and technology agency, faced a critical decision: whether to establish a corporate venture studio or an accelerator to drive innovation and explore new business opportunities. The studio model offered a more controlled environment for developing and nurturing promising startups, while the accelerator model provided a faster path to market validation and potential investment.
The main protagonists in this case study are:
- Bob Greenberg, CEO of R/GA, who is passionate about innovation and seeking to leverage the agency?s expertise to create new ventures.
- The R/GA team, who are tasked with developing and implementing the chosen innovation strategy.
- Potential startups, who could benefit from R/GA?s resources and expertise.
3. Analysis of the Case Study
To analyze this case, we can leverage the Business Model Canvas framework, which provides a structured approach to understanding and evaluating different business models.
Venture Studio Model:
- Key Partners: R/GA, potential startups, investors.
- Key Activities: Ideation, product development, market validation, investment.
- Key Resources: R/GA?s expertise, funding, network.
- Value Propositions: Access to resources, mentorship, funding, market validation.
- Customer Relationships: Close collaboration with startups.
- Channels: Direct outreach, industry events.
- Customer Segments: Startups with promising technology and market potential.
- Cost Structure: R&D, investment, operational costs.
- Revenue Streams: Equity stakes in startups, licensing fees, service fees.
Accelerator Model:
- Key Partners: R/GA, investors, mentors, startups.
- Key Activities: Startup selection, mentorship, networking, investment.
- Key Resources: R/GA?s expertise, network, funding.
- Value Propositions: Access to resources, mentorship, funding, market validation.
- Customer Relationships: Short-term, focused mentorship.
- Channels: Open application process, industry events.
- Customer Segments: Startups with existing products or services ready for market validation.
- Cost Structure: Operational costs, mentorship fees, investment.
- Revenue Streams: Equity stakes in startups, service fees.
Comparative Analysis:
- Venture studio: Offers more control, deeper involvement, and potentially higher returns. However, it requires significant upfront investment and carries a higher risk of failure.
- Accelerator: Offers a faster path to market validation, lower upfront investment, and a more diversified portfolio. However, it provides less control and may not be as effective in nurturing startups with complex technologies.
4. Recommendations
R/GA should adopt a hybrid model, combining the best aspects of both a venture studio and an accelerator. This model would involve:
Establishing a Venture Studio: Focus on developing startups with high potential and strategic alignment with R/GA?s core competencies. This studio would provide deep involvement in product development, market validation, and investment.
Launching an Accelerator Program: Focus on selecting startups with existing products or services ready for market validation. This program would provide mentorship, networking opportunities, and potential investment.
Creating a Synergy: The studio and accelerator should collaborate closely, sharing resources, expertise, and network connections. This collaboration would allow startups to transition seamlessly between the two programs, leveraging the benefits of both.
5. Basis of Recommendations
This recommendation considers the following factors:
Core Competencies and Consistency with Mission: R/GA?s expertise in marketing, technology, and innovation aligns with the venture studio model. The accelerator program complements this by providing a platform for exploring new ideas and fostering external innovation.
External Customers and Internal Clients: The hybrid model benefits both external startups and internal R/GA teams. Startups gain access to resources and expertise, while R/GA teams gain exposure to new technologies and business models.
Competitors: Many agencies and corporations are exploring venture studio and accelerator models. R/GA?s hybrid approach differentiates itself by offering a more comprehensive and integrated innovation ecosystem.
Attractiveness: The hybrid model offers a balanced approach, mitigating the risks and maximizing the benefits of both models. It allows R/GA to invest in high-potential startups, while also exploring a wider range of opportunities.
6. Conclusion
By adopting a hybrid venture studio and accelerator model, R/GA can create a dynamic and robust innovation ecosystem that drives both internal and external growth. This approach allows R/GA to leverage its core competencies, explore new opportunities, and establish itself as a leader in the evolving landscape of innovation.
7. Discussion
Other alternatives, such as solely focusing on a venture studio or an accelerator, have been considered. However, these options present limitations. A studio-only approach might be too risky and resource-intensive, while an accelerator-only approach might not be as effective in nurturing complex startups.
The hybrid model carries some risks, such as the potential for operational complexity and the need for careful resource allocation. However, these risks are mitigated by the potential benefits of a more diversified and impactful innovation strategy.
8. Next Steps
To implement this recommendation, R/GA should:
- Develop a detailed plan: Define the scope, resources, and operational processes for both the venture studio and the accelerator.
- Recruit a dedicated team: Assemble a team with expertise in entrepreneurship, technology, and investment.
- Establish clear selection criteria: Define the criteria for selecting startups for both the studio and the accelerator.
- Build a strong network: Partner with investors, mentors, and industry experts to support the program.
- Monitor and evaluate performance: Track the progress of startups and adjust the program based on performance metrics.
By taking these steps, R/GA can successfully launch its hybrid venture studio and accelerator program, driving innovation and creating long-term value for the company and its stakeholders.
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Case Description
New approach to accelerating the development of innovation through corporate venturing by creating partnerships between startup venture and established corporations through the launch of the Global Sports Venture Studios created by R/GA Ventures and the Los Angeles Dodgers.
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