Innovation and entrepreneurship are crucial for surviving and prospering in today's turbulent business climate. A potentially significant way to revitalize established firms is through internal corporate venturing: high-risk activities that generate new businesses and sharpen a company's competitive edge. But once new opportunities are found, how can they be managed to ensure success? Block and MacMillan recognize that an innovative culture cannot be transplanted, but must evolve within each company. Recognizing that traditional management principles are often at odds with innovation, they address the problems of corporations whose policies and procedures discourage entrepreneurial effort. They show managers at all levels how to develop the skills and practices essential to internal venturing success. Only by integrating these skills and practices can a company make the changes necessary to produce ongoing product and market innovations with resulting new businesses. When managed right, corporate venturing can be the key to new growth and revitalization for established companies regardless of size.
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