InnoQuest | Kinetic Flywheel with 1848 Ventures
The next stop on our innovation journey will take us to the realm of the flywheel operation, sort of an external business incubator for the rapid deployment of new ventures from one core enterprise. 1848 Ventures, which sprung from the fountain of Westfield Insurance, uses core expertise in data mining and analytics along with a crack team of innovation professionals to swiftly launch new businesses that operate independently of the parent company. In partnering with a cadre of design houses like IDEO, Balance and Newry, 1848 Ventures has systematized a way to provide new value to new customers and adjacent markets.
Here, we’re asking 1848 Ventures to share their story in two parts:
- How they use data to de-risk innovation and identify new opportunities for their customers?
- How they structure their management systems to rapidly deploy new ventures?
- What is 1848 Ventures’ approach to risk management, and how do they capitalize on looking at data and risk to identify new value?
- How does Westfield Insurance recognize new value created?
- How does the team identify and fund the most promising initiatives?
- What is their process for shaping the strategies, business models and designs of new enterprises, using the expertise of outsiders?
See a draft of the 2021 Schedule, too.
In six bi-monthly sessions, participants gain:
- Best practices in managing and guiding the innovation process
- New working relations with peer companies & leading practitioners
- Actionable steps to improve a company’s innovation practices.