Why Is A Venture Champion? Essay

1651 Words Apr 15th, 2016 null Page
Explain what it means to be a venture champion? What are some of the factors that influence the decision to establish a new venture? What do we know about the background of individuals who have a propensity to develop new ventures
A venture champion is someone within an organization who identifies the opportunity for a new venture, raises the financing necessary to support the venture, and manages the development and growth of the business. Venture champion is also a term used to describe new technology based firms (NTBFs) that create some of these major innovations. Some of the factors that influence the decision to establish a new venture include their ability to: when assessing failed ventures being able to distinguish between bad luck and bad decisions; measure progress against predetermined milestones, and if necessary redirect; get out when necessary; learn from successes as well as failures; be aware of the possibility of strategic reversal and perceived competition with the parent company; make managers aware of the long-term benefits of venture operations; clearly specify the functions, procedures, boundaries and rewards of venture management; establish a limited number of ventures with independent budgets; establish and maintain multiple sources of sponsorship for ventures. Many of these individuals come from self-employed parents, have high levels of education; they tend to be highly motivated and demand a high level of autonomy.

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