American corporations can no longer compete in the global marketplace based on cheap labor and resources. To win in global competition they must develop new products (innovation) and new businesses (intrapreneurship) better and faster than their competition. This requires a special culture that is much different from the traditional culture of American businesses. To be most effective, these three essential elements for success (culture, innovation, and intrapreneurship) must be well matched and integrated. However, to date all three have not even been discussed in the same book, let alone integrated.
Intrapreneurship (developing new businesses from inside an existing corporation) cannot succeed without innovation (developing new products). Ninety percent of new businesses are based on new product development. Neither new product development nor new business development can be successful unless the company has the appropriate culture (values, beliefs, and management style). A book that discusses all three of these subjects in an integrated manner has been needed for a long time. It is the purpose of this book to fill this need.
To achieve its purpose, this book will cover, in the following order, the development of corporate strategy and culture (Part I), the development of new products and businesses (Part II), and the extension of the corporate venturing process (Part III). What follows is a chapter-by-chapter synopsis of the book.
Chapter 1, "Introducing the Corporate Innovation Process": presents the fundamentals of the corporate innovation process, indicating that it is composed of