All companies must exploit their current business models while simultaneously exploring new ones, but how exactly do you explore new ones? A vast array of approaches has emerged: venture builders, internal and external incubators, innovation hubs, CVC. Do any of them work? Which one is most effective? Or should companies employ all approaches to diversify their bets? In this talk, I will outline how Mann+Hummel approaches this challenge with a particular focus on exploratory business and venturing. This talk will give participants a better understanding of the pitfalls, challenges, and opportunities in corporate venturing.

Key Takeaways:
1. Before venturing, have well-defined strategic ambitions and tangible goals, including proper organizational setup
2. Only invest at the speed of learning with a strict governance regime
3. Have a clear reintegration plan

Michael Nichols joined Mann + Hummel in 2022 where he is responsible for investing in and developing partnerships with external startups who can help drive the next generation of business models at Mann + Hummel. Additionally, he coaches internal ventures and technical projects as they validate their business ideas. Before Mann + Hummel, Michael worked at Bosch from 2014 – 2022, specializing in the field of business model innovation. At Bosch, Michael was responsible for the Bosch Accelerator Program and for the implementation of a Bosch-wide innovation process with a clear focus on developing an ambidextrous organization to bring more innovation ideas beyond the core business to scale. The Bosch Accelerator Program has systematically (in)validated over 300 innovation projects in its first 5 years.