Q&A with study author and project lead Kateřina Válková
By Gloria Pallares
Cities seeking to get smarter require new energy, mobility and ICT solutions, as well as contributions from a broad range of stakeholders, including the private sector.
As part of her master thesis on Business Development and Entrepreneurship at Utrecht University, project lead Kateřina Válková explored how both established companies and start-up incubators go about creating innovative technologies to improve urban life.
We spoke with Válková on pathways to transform ideas into practical solutions, lessons larger corporations can learn from business incubators, and ways to stimulate innovation for the cities of the future.
You investigated the processes of business incubation and corporate entrepreneurship in the smart city context. How did you approach the research?
I examined the processes of various companies and incubated start-ups through the lens of a four-step framework: from coming up with the business idea, to pitching it to an incubator or corporate management, developing it through guidance and resources and, finally, making it grow as a new venture or an autonomous business line as part of the overall corporate strategy.
Is there anything that surprised you?
Neither incubation nor corporate entrepreneurship followed a step-by-step steering process to guide the development of business ideas. Instead, they provided tailor-made support to nascent businesses through a range of resources and value-adding activities such as access to investments and expert networks, mentoring, office facilities and peer-to-peer learning. The choices incubators and companies typically make at this stage sets apart their approaches.
Based on your findings, what could companies learn from business incubators to enhance the development of innovative solutions?
For instance, it is advisable that companies to providing coaching and mentoring, especially, when corporate venturing originates from the entrepreneurial ideas of an employee as opposed to a strategic management decision. Poor steering support may lead to a longer innovation development process.
Are there other common pitfalls in corporate entrepreneurship?
Intrapreneurial ventures often face a strategic misfit with the parent organization, so it is important to address the issue early on to ensure a successful integration of innovative solutions. Otherwise, initiatives can easily get stuck.
How can governments stimulate corporate entrepreneurship for smart city solutions?
By creating an enabling policy environment and adequate incentives. Many innovators operate under high levels of uncertainty, making it hard for them to create a business plan, estimate the return on investment and successfully pitch their ideas on issues such as energy and mobility. Smart city innovation requires the cooperation among businesses, governments, academia and citizens.
How would you like to contribute to the future of smart cities?
After finishing my master, I joined the innovation hub of a large company in Germany, and I am now leading one of the start-ups we have developed. I have already participated in the ideation of some smart city innovations and it is a career path I would love to pursue. There is a lot of exciting work to do around energy and mobility solutions for better urban environments.
22 Mar 2021