LEAN VENTURING: LEARNING TO CREATE NEW BUSINESS THROUGH EXPLORATION, ELABORATION, EVALUATION, EXPERIMENTATION, AND EVOLUTION

Corporate venturing is a real adventure that teams may only master gradually through research and learning, which proceeds through iterative specification and validation of business models. Based on this understanding we have developed a five E framework for corporate venturing that is organized by learning objectives on five levels of maturity, and backed up with scaffolding tools and methods. It shows how to explore, elaborate upon, evaluate, experiment with and evolve assumptions. Scaffolding tools and methods support the two main sets of activities required within this framework: the creative exploration of new ideas and opportunities, and the iterative specification, quantification and evaluation of assumptions. Examples from nine new venture projects in the telecommunication industry illustrate the approach.