Ian Wilding, the CEO of Hangar 75, a Global Venture Accelerator focused on sustainable impact, highlights the importance of governing boards in overseeing corporate acceleration programs. These programs play a crucial role in driving innovation and sustainability, requiring a rigorous framework for measuring and verifying their impact on both ESG initiatives and the venture ecosystem. Wilding outlines a strategy for governing boards to ensure their acceleration programs deliver real value and tangible benefits.
The first step in this strategy is to establish comprehensive impact objectives that are specific, measurable, achievable, relevant, and time-bound (SMART). These objectives should encompass both ESG goals and enhancements to the venture ecosystem, allowing for transparent benchmarking of progress. Next, rigorous measurement and verification processes incorporating quantitative and qualitative metrics, including third-party verification, are essential to ensure the credibility and transparency of claimed outcomes.
Wilding emphasizes the importance of fostering a culture of transparency and continuous learning within acceleration programs. This involves openly sharing successes, challenges, and lessons learned, building stakeholder trust, and promoting continuous improvement. Stakeholder engagement, including startups, investors, experts, and NGOs, is crucial for gathering diverse perspectives and feedback. Strategies such as structured feedback sessions, surveys, and innovation showcases can facilitate meaningful engagement.
Wilding advises governing boards to prioritize adaptive strategy and management, acknowledging the ever-evolving nature of innovation and sustainability. To mitigate potential pitfalls such as greenwashing or negative impacts on the venture ecosystem, boards must remain vigilant and implement safeguards and monitoring processes. Alignment with corporate strategy is also crucial, with ESG initiatives and venture ecosystem support integrated into broader organizational goals.
Key questions for governing boards to consider include alignment with overarching ESG and venture ecosystem objectives, systems for measuring and reporting impact, engagement with external stakeholders, application of lessons learned for program improvement, and ensuring adaptability to changing needs. By adopting a unified approach to verifying outcomes, boards can drive meaningful change, enhance corporate reputation, and contribute to the goals of sustainable development and a resilient venture ecosystem.
Wilding’s insights are valuable for governing boards seeking to maximize the impact of their corporate acceleration programs. By emphasizing integrity, evidence-based decision-making, and a commitment to verified positive outcomes, boards can lead their corporations towards meaningful contributions to innovation, sustainability, and the broader market. Through strategic oversight and a focus on continuous improvement, corporations can play a transformative role in shaping a better future.
