Turnaround Management through Internal Corporate Venturing: A Case Study of a Seafood Company

Abstract

New business creation is influenced by the five industry and competitive forces proposed by Michael Porter i.e. bargaining power of customers, bargaining power of suppliers, threat of new entrants, threat of substitutes and intensity of competitive rivalry. There is a need for fostering innovation in the light of current competitive realities. Hence the key to success for any organization in the present competitive and dynamic environment is the need to adopt an entrepreneurial strategy by inducing intrapreneurial culture through internal corporate venturing and innovation . Growth of any organization is possible by effectively identifying and exploring opportunities that are market driven. This paper attempts to highlight as to how any innovation- be it product, process, material or any other type- can be converted into a sustainable competitive advantage to build a firm standing in the arena of business. In order to conduct the research the researchers have adopted a Case Study approach. In this particular study it was observed that the turnaround of the company was based on the innovative mindset of the intrapreneurs. This is done by studying and analyzing the innovation and success of Gadre Marine Export, Mirkarwada, Ratnagiri - Maharashtra.