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Corporation innovation Oct 2017

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Red Garage operates as a venture builder/
start-up studio partnering with The Coca-Cola
Company. Ourindependence is key to moving
with speed, keeping lean and building value.
Red Garage conducts the early stage problem
exploration, concept development, and business
model validation.
In this presentation, I will discuss:

1. Why innovation inside of an existing
corporation is so difficult and how companies
can employ the tools and processes
successful start-ups use to drive innovation


2. How corporates can innovate leveraging
their assets and startup thinking to exploit new
growth areas

3. Outlining the Red Garage Ventures concept
and what to consider when setting up a
corporate venture fund

4. Ensuring successful commercialization and
acceleration of a startup by leveraging the
“mother ship” assets, relationships and being a
key R&D customer

Published in: Business
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  • Slide 4 really nails the importance of a clear decision around which Horizon you're targeting for innovation and how to approach this.
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Corporation innovation Oct 2017

  1. 1. The Coca-Cola Company’s creation of Red Garage Ventures to Drive Internal Disruption Franki Chamaki Founding Director Red Garage Ventures & HIVERY
  2. 2. Classified – Confidential | Page 2 Going to cover… 1. Importance of clear innovation goal 2. Leverage internal assets to create a competitor advantage 3. Experiment (i.e. Learn by doing)
  3. 3. 1. Incremental innovation: Sometimes called continuous improvement. 2. Radical innovation: Sometimes called revolutionary, typically leveraging the same business model. 3. Transformational innovation: Sometimes called disruptive innovation - this changes strategy. Creates a new business model. Return Risk Existing Business Model (70%) New Business Model (10%) Leveraging existing Business Model (20%) Classified – Confidential | Page 3 Where to play? Define your Innovation Agenda
  4. 4. Risk Lean, Six Sigma, Continuous improvement etc. Partially known Unknown Return Known Classified – Confidential | Page 4 Horizon 1 Defining your innovation agenda helps define your approach… Pilots, Agile, Scrum etc. Lean Start-up (a lot of experimentation) This means different type of governance regimes, execution approaches and more importantly different kinds of KPIs/reporting and incentives
  5. 5. Cokes Assets + Start up thinking = New business model
  6. 6. Managers not Explorers Version 1.0 Inside not outside Version 2.0 Connected not depended Version 3.0 Learning by Doing
  7. 7. Sydney was the first prototype
  8. 8. Coke invests in founders, helps set up a separate independent entity provides seed funding, becomes the first customer, and then takes a minority share if and when the business becomes viable.
  9. 9. Recruitment & induction Senior level Support Independence Internal Advisor
  10. 10. Buenos Aires Rio de Janeiro Mexico City San Francisco Berlin Bangalore Singapore Sydney Tel Aviv London Shanghai Coca-Cola Entrepreneurial Program “Founders program” was launched in 2013 to “co-create” with Coke solve big problems
  11. 11. Launch • Coke scouts and selects 1-2 founders • Funders contract / convertible note • “Deep immersion” of challenges and assets • Founders launch new company (startup) • Startup begins searching for problem/solution fit • Coke supports lean startup and tracks progress • Develop commercial agreements to scale solution across Coke • Startup scales the company—beyond Coke • Coke converts or chooses to follow- on in additional funding rounds • Collaborate with Coke to test assumptions • Startup iterates on product, expands customers beyond Coke • Coke helps connect relationships with external investors and media Build Prove ScaleSet-up • Coke commits to seed funding and • Appoints a local Business Unit (BU) Advisor Coca-Cola Entrepreneurial Program
  12. 12. Buenos Aires Rio de Janeiro Mexico City San Francisco Berlin Bangalore Singapore Sydney Tel Aviv London Shanghai Coca-Cola Entrepreneurial Program In December 2016 the program closed for new ventures. Re-focus back to the core business
  13. 13. Circular Economy Distribution Big Data Welling Hydration Esens Asset: Expertise & relationships Asset: Big data Asset: Waste
  14. 14. Circular Economy Distribution Big Data Welling Hydration Esens Innovation: Design Thinking Innovation: Hackathon Innovation: Trend & collaboration
  15. 15. Circular Economy Distribution Big Data Welling Hydration Esens Focus: Science Focus: Scale Focus: Model
  16. 16. ① Define the agenda ② Think assets as platform ③ Learn by doing ④ Just on the edge ⑤ Skin in the game
  17. 17. Franki Chamaki franki@redgarage.co Redgarage.co

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