Live Call Replay: Finding the Right Mix of Internal and External Innovation
When companies begin to broaden their innovation portfolios, leaders must decide what to pursue internally and which ideas should be explored outside of the company. And while incremental innovations are typically best pursued close to operations, working on transformational change can be difficult internally.
Dublin-based home security company, Allegion, takes a comprehensive approach to their innovation portfolio, focusing on 4 engines: internal incubation, mergers and acquisitions, corporate venture capital, and building externally. Transformational innovation at the company often lies in their external efforts.
“We needed to find a mechanism to stay close to those things so [industry-wide trends] didn’t surprise us, smack us upside the head, and throw us for a loop,” said Rob Martens, President of the company’s venture capital arm Allegion Ventures, during a recent IL Live Call. “[We looked for a way] we can plan and…in certain cases invest, via ventures.”... continued ...