Great article, Mark! Thanks for the insights. One additional idea to consider for funding: for existing companies, you may not need external funding. The same mindset should still apply for digital restart/transformation initiatives. What I mean is that the digital restart team should build a community, develop a prototype and pitch the idea--only, in this scenario, the pitch is to the company's executive leadership and/or Board.
A skunkworks approach is highly recommended as the new business may cannibalize the old one and that makes it difficult to get resources. But, remember, if you don't cannibalize your own business, someone else will!
Great article, Mark! Thanks for the insights. One additional idea to consider for funding: for existing companies, you may not need external funding. The same mindset should still apply for digital restart/transformation initiatives. What I mean is that the digital restart team should build a community, develop a prototype and pitch the idea--only, in this scenario, the pitch is to the company's executive leadership and/or Board.
A skunkworks approach is highly recommended as the new business may cannibalize the old one and that makes it difficult to get resources. But, remember, if you don't cannibalize your own business, someone else will!