Corporate venturing: an expanded role for RD: developing growth strategies and business models must become competencies for RD leaders

OVERVIEW: Managers in R&D need to take a more active role in helping their corporations to find new market applications and develop business plans for realizing value from those applications. Often it is conventional thinking with respect to user needs, possible routes to market, and ways to make money that inhibit corporate growth. At confectioner Mars, Incorporated, the R&D management team has had to learn to be as innovative in developing new business concepts as it has been in creating new products for its snack, pet and other food businesses. KEY CONCEPTS: Enterprise growth, market strategy, business models, corporate ventures, Mars Incorporated.