New venture groups are formed within corporations by individuals or a division and usually have the same mandate as a typical research and development department.

Question

Quizplus · Accepted Answer

Corporations often form new venture groups (NVGs) whose goal is to identify, evaluate, and cultivate venture opportunities. These groups typically function as semiautonomous units with little formal structure. NVGs usually have a larger mandate than a typical research and development department. Their involvement extends beyond innovation and experimentation to coordinating with other corporate divisions, identifying potential venture partners, gathering resources, and actually launching the venture.

New Venture Groups Are Formed Within Corporations by Individuals or a Division