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Strategic innovation and venturing
5Ps of Innovation for Tate & Lyle Venture Fund
Situation
Tate & Lyle is a FTSE 100 corporate
which is a world leading manufacturer of renewable food and
industrial ingredients. Through the use of innovative technology,
they transform corn, wheat and sugar into value-added ingredients
for customers in the food, beverage, pharmaceutical, cosmetic,
paper, packaging and building industries.
Tate & Lyle PLC announced in February 2005 an investment
of up to £25 million over a five-year period to set
up a wholly-owned venture fund, Tate & Lyle Ventures.
The new venture fund will invest in start-ups and expansion-stage
companies that support Tate & Lyle’s strategic growth
focus to deliver next-generation food and industrial ingredients.
“Tate & Lyle
Ventures is a natural next step for Tate & Lyle”
said Mark Robinson, Group Planning and Business
Development Director, Tate & Lyle. “We
are currently enjoying exciting success with SPLENDA®
Sucralose and have innovative products nearing commercialisation
such as Aquasta™ Astaxanthin and our bio-polymer ingredient
Bio-PDO.”
Objectives
Tate & Lyle asked the H-I Network
to use their tailored programme to learn from the H-I experience
of strategic innovation and venturing. The objective was to
bring an external perspective, common language and approach
to the Tate & Lyle team responsible for developing and
integrating the Tate & Lyle fund.
Approach
H-I Network conducted a 5 P’s
Innovation process which involved:
- Conducting an objectives meeting with the
key sponsor for the Innovation and Fund project
- Interviewing key team members across the
business by function and location. A number were face to
face and some by video conference
- A preparation meeting which identified the
models and cases from other leading organisations which
provided insights relevant to the Tate & Lyle business
context and objectives
- Facilitating a team meeting
which aligned the 5 Ps of Innovation (Purpose, Process,
People, Partner and Performance) to support the strategic
alignment of the Tate & Lyle fund with core business
strategy
Results
“The H-I 5 Ps of Innovation
has helped Tate & Lyle understand the importance of integrating
our venture fund initiative with the growth of the business.
We have also been able to tackle the more challenging task
of identifying new technologies and markets which are currently
not in our skill base. The tailored programme has also helped
H-I understand our objectives which has allowed them to support
specific issues, such as remuneration benchmarking of the
new team members.” said Mark Robinson,
Group Planning and Business Development Director. “
The H-I Network is delighted to be continuing our support
to Tate & Lyle.
See the Times press coverage of “City pair kick off
Tate & Lyle quest for new food” here
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