Mission
Mission:
The New Venture Innovation Charter is to advance and disseminate the theory and practice of applying systems engineering to new venture creation, with a view to reducing the time, risk and cost of building enduring, profitable companies that bring new functionality into the world.
The NVI Working Group aims to align with the INCOSE 2035 vision, and, in particular, to move the needle on the following goals:
- SE is the ‘go to’ discipline across domains to solve engineering and societal grand challenges. Synthesizing cross disciplinary practices, models and tools.
- Integration of practice across domains with majority adoption and institutionalization of tools and practices.
- Broad implementation of SE theoretical foundation across domains guiding future research and applications.
- SE embedded at all educational levels and across disciplines supported by innovative education and training approaches.
Scope
Activities relating to best practices for applying systems engineering principles, tools and practices to new venture creation, where a “new venture” is one that aspires to bring new functionality to a target group of people or organizations and for which there is no existing profitable business model to copy or reference.
This includes applying systems engineering to;
- Defining a new venture’s system-level functions and requirements (i.e., the primary things it has to do to be a profitable company)
- Formulating high-level business concepts (i.e., a high-level design capable of performing system-level functions)
- Decomposing high-level business concepts into subsystems, and defining their technical requirements
- Decomposing subsystems into business components and defining their technical requirements
- Using modeling & simulation to evaluate alternative business architectures and then probe/stress a new venture’s profitability potential
- Verifying and validating at the business component level
- Testing integration of components and subsystems prior to running business pilot tests
Our working group doesn’t cover;
- Starting a new business in an already established market (e.g., opening a beauty salon, open a microbrewery, or creating a new brand of ice cream)
- Expanding/growing an already established small business
- Optimizing business operations to improve profitability and performance.
Goals
To expand and promote the body of knowledge of systems engineering as applied to venture creation and its benefits to corporate innovation and entrepreneurship more broadly.
Specifically, the group aims to:
- Develop white papers, presentations, and reference material in a retrievable fashion to INCOSE members.
- Collaborate with other working groups and INCOSE members to explore new ways to apply systems engineering principles, tools, and practices to venture creation.
- Establish / grow a Community of Practice around the application of systems engineering to venture creation. This group will work to extend members’ knowledge of how systems engineering can be applied to venture creation. The group will use this information to provide a knowledge service to INCOSE, researchers, and practitioners (entrepreneurs, corporations, and investors).
- Develop and document best practices and success stories, drawing on research and work within the CoP, and share them with the INCOSE membership.
- Create growth in numbers and scope of members and participants in the working group.