Four steps to help executives plan for growth efforts

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Executives should take advantage of organizational processes to overcome the downsides of operating like a traditional business.
In new business, failure should be tolerated and structures should be created to protect and support smaller, experimental efforts.
IBM's emerging business opportunity program is an example of a structure that allows for recombination and flexibility.
Executives should build these ideas into the way they run their companies.

To plan for the future, businesses usually look to their past. But what if your company is in uncharted territory? Columbia Business School professor Rita McGrath has a different idea: Design experiments to test your assumptions using “discovery-driven growth.”