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Thursday, 20 September 2018

Characteristics of Venture Team

The following are the characteristics of venture teams.

1. The venture team is organizationally separate from the remainder of the company.

2. The members are recruited from various functional departments within the company.

 3. Existing lines of authority within the permanent organisation may not apply to the venture team.

 4. The venture team manager usually reports to the top management and has the authority to make major decisions.

 5. The thing is free of deadlines and remains together until the task is completed.

 6. Freedom from time precious foster creativity and innovativeness.
 The main advantage of this approach are its specialised members, its permanency and its decision-making powers. Its disadvantage lies on the fact that the other departments must co-operate by supplying top quality personnel who they may not be willing to give up permanently.
 having discussed the various organisational structure which can be adopted for innovation in the firm, the patterns question to ask is which organisational structure is the best? The answer is that there is no one best organisational structure for product planning and development. Many companies use more than one structure to manage these activities. Which organisational structure is choosing is not the key point here, each has strengths and weakness. What is critical is to make sure that some persons all groups have the specific responsibility for new product development, and is backed by top management. Production innovation is too important an activity to handle in an unorganised non-chalant fashion thinking that, somehow, the job will get done. To maximize the chances for successful new product development, it is vital that the employees responsible for product planning have the right skills particularly, the ability to work well with other people, and operate in a supportive environment.