The creation of a Venture Business Office (VBO) as described in "The Venture Imperative" is a new concept calling for a new type of management structure and management personnel. The successful VBO demands a wide spectrum of talents and strengths that begin with three key people:
The VBO Managing Director is the equivalent of the CEO of the venture business office-its primary evangelist both within the corporation and on the outside, and the executive officer on whose desk the VBO buck stops.
"The VBO and its managing director need a venture executive officer, a champion within the parent organization who is both highly placed and well rooted in the daily operational aspects of running the corporation. An executive officer who often reports to the CEO, the VEO should be someone who is "sold" on the concept and practice of the VBO, who sees its potential for mainstream impact on the corporation's core business and strategic path, and who has the ability to influence the actions of the core business.
Like the managing director, the VEO combines the best elements of an innovator with a genuine concern for the company's long-term viability. In some ways, the best VEO is a contradiction in terms-a company veteran who is wired into the power structures of the corporation but nonetheless a steward for change.
The VEO acts as chief missionary and "muscle" where needed, and works with the VBO managing director on the strategy and plan until they are ready for executive committee review. Simultaneously, the VEO is the first line of defense inside the company against corporate antibodies, providing advice, counsel, and influence to ensure the VBO gets what it needs to function on a day-to-day basis. Outside the company, she or he greases the skids for networking, partnering, and deal making. The VEO is also responsible, given agreement with the CEO, for assuring the development of a board of advisors.
Who are potential candidates for VEO? The corporation's CIO (given the technology heavy nature of many new ventures), the head of corporate business development or corporate strategy, the CFO (given that ventures are often viewed as small M&A deals), or the head of R&D (given the strong intellectual property nature of this function)."
