How can medium-sized and large enterprises grow their digital ecosystems? In December 2020, I published Innovation Casino, a book that proposes a new type of corporate venture capital fund to promote digital ecosystem innovation. Here, you can find a chapter-by-chapter summary of the book.
What’s in it for me? Beat the odds by diversifying your bets on innovation.
The book, Innovation Casino, uses its self-titled metaphor to describe the odds of generating financial returns from innovation so you can beat them. For decades, vertically integrated firms have made high-stakes bets on innovation. However, in the innovation casino, it is the players who bet big. Players think they will beat the odds, but few do. By taking a fresh look at your odds, you can retool your approach to win more frequently just as the house does in a casino.
In August, I was fortunate to be interviewed by Omar Valdez-de-Leon of Latitude 55° Consulting in Copenhagen about a better way to do corporate venture capital by aligning with corporate innovation strategy and digital ecosystem goals. Omar is a known practitioner of digital transformation, having advised companies such as Ericsson, CGI, Honeywell, Cemex, Bosch, Vodaffone, Bell Canada, and more. He is an authority on digital ecosystems, authoring papers about how to develop digital ecosystems, organizing for digital, and the Digital Maturity Model.
An ecosystem innovation fund, or “EIF,” is a seed fund for startups. EIFs are a hybrid of corporate venture capital and the US government’s Small Business Innovation Research grant program, or “SBIR.” EIFs combine the best from both models to create a new vehicle for large companies to invest in innovation in their digital ecosystems.