A key ingredient in Nokiaï¿½s innovation strategy is its Innovent program, which is designed to help entrepreneurs convert their ideas into commercial businesses. Innovent connects to early stage entrepreneurs working on concepts that facilitate connections between people, their communities and the things that matter to them.
Using a unique model of investment and collaboration, Innovent helps leading edge entrepreneurs clarify the market opportunities for their concepts and accelerate the time to commercialization.
Nokia puts Innovation is the heart of today’s dynamic world of communications.
Creativity, flexibility and timing are key elements for entrepreneurs trying to balance the mix of technology, market dynamics and business models required to succeed in today’s emerging markets. Collaboration ï¿½ not control ï¿½ is essential to quickly bring innovative ideas into focus.
A case report entitled ï¿½Innovation at Nokiaï¿½, from the Imperial College, illustrates the Nokiaï¿½s venturing process (part of which is the Innovent Program):
When venturing with other companies, Nokia tends to share the risk, cost and resources. Rather than building and innovating current markets and core businesses, the venturing process attempts to identify new businesses that may one day be incorporated into Nokiaï¿½s core business, a culture that may have characterised Nokiaï¿½s growth since the beginning.
The venturing process is handled by the Nokia Venturing Organisation (NVO). Nokia has internal programmes, such as the annual ï¿½Venturing Challengeï¿½, which are open to all employees to promote the culture of innovation.
There are three phases to the venturing process: Research, Analysis and Validation, and Funding:
- Research: During the research phase, NVO shares its breadth of knowledge and resources to identify the validity of the business proposal. In cases where the technology does not exist, NVO will commission the research.
- Analysis and Validation: NVO attempts to look for market and returns opportunity for the venture. The proposalï¿½s business and marketing model will be reviewed thoroughly. This phase is to identify potential pitfalls in the proposal and find solutions to overcome them.
- Funding: Most funding for venturing proposals come from Nokia Venturing Partners (NVP), a venture capital firm and investor. Nokia invests in NVP for profit and market feedback for new and upcoming technologies.