Venture internal – A subdivision of a firm that is created as an alternative to forming an independent (separate) innovation organization. It can be allocated as a temporary target collective, having an independent budget and working according to the certain innovative program.
The main goal is to ensure maximum responsibility for the progress of the innovation on the part of one person – the “venture manager”, who is free to use the resources allocated to him with minimal external interference. In essence, it is an internal subsidiary innovation firm of the company. Typically, this management is used for few, exclusively promising projects and operates alongside the existing organization. The relatively small size of the organization and short communications provide maximum management flexibility as the innovation project progresses, as the venture manager is essentially the CEO within the project and provides both R&D, production, and market entry for the new product.
