The VBO plays an important role of creating a connection between the venture and the different customers and partners of the parent company. Most start ups face the problems pertaining to the clack of contacts and resources available which limits the success and growth of the new venture.
The VBO however is made up of experienced and resourceful personnel from inside as well as outside the company. The VOB management has access to internal and external to the parent company as well as customers and alliance partners which can aid the venture in leveraging its growth. This is the most important role and characteristic of the VBO.
- The Bell Mason Venture Development Framework is a comprehensive tool which can be used for the development of venture businesses. The five main characteristics of the framework are as follows:
- It provides twelve dimensions with which any venture business can be categorized.
- Identifies four different stages of venture development specifically as Venture Vision, Alpha Offering, Beta Offering, Market Calibration and Expansion
- It allows for quantification of business process at each stage providing for incremental performance analysis
- Makes use of graphs like spider graphs or Kiviat diagrams to depict the evolution in the different stages
- Allows comparison of actual and idealistic scenarios for the operation of the venture at different stages