Corporations need to re-strategies their business to the market demand and remain competitive. Corporate entrepreneurship contributes to the competitive advantage provided it is planned and implemented effectively. Past studies have shown that corporations with dynamic corporate entrepreneurship initiatives can ensure the security and growth of the firm’s enterprise value and remain competitive.

The assumption is made that you are now appointed to lead a team to champion internal corporate entrepreneurship (ICE) for your company. Your first aim is to critically evaluate your company’s core business structure. Next, your team is required to focus on various steps and processes to create a new business involving innovation and internal corporate venturing.

Your team needs to exploit opportunities for a new form of business that is different from your current core business. In ICE activities, your team is allowed to leverage the current business activities, such as logistics, market position, channels. assets, machines and equipment, human capital and capabilities, and other resources.

The term innovation is not necessarily restricted to product innovation and development. You and your team must review a wider perspective on innovation and it can be related to services, channels, processes, brands, and others. Note: you are not allowed to create an app for this assignment. Apps are normally used as supporting tools for businesses. For example, the core business of Alipay is finance and the apps are used as supporting tools.