An interview with Stefan Peintner and Karyna Hornostai from whataventure

If you want to develop new business models, you need more than just good ideas. Stefan Peintner and Karyna Hornostai, together with their team, surveyed 52 innovation experts from the DACH region. The result of the study: Venture building is at a turning point. Why governance is now becoming the decisive lever — and what successful companies are doing differently.

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In your new study, you talk about a “strategic crossroads” in new business building. What exactly do you mean by that?

Stefan: The past few years were marked by enthusiastic experimentation — many companies boldly launched ventures, often with a high acceptance for risk. Now, we’re seeing major changes: budgets are tightening, and the pressure for short-term results is increasing. At the same time, there’s a growing conviction that venture building is no longer an experiment but a necessity for strategic growth. This is the tipping point – from hype to real relevance.

Karyna: Exactly. And that also means: the rules of the game are changing. If you want to make ventures successful today, you need less gut feeling and more structure. A good team and a good idea are no longer enough. We clearly see that governance can be the decisive factor in whether an ambitious project becomes a real business.

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Governance sounds rather dry at first. Why do you think it’s an emotional key factor?

Stefan: Because it builds trust – and trust is the currency of venture building. Without clear roles, clean decision-making paths, and transparent expectations, frustration quickly arises. Teams operate in the dark, support from top management crumbles, resources get lost. Good governance is like a sturdy handrail on a steep mountain trail: it gives you the courage to explore new paths – but with support.

Karyna: We’ve seen this often: as soon as governance is set up professionally, the dynamics change. Leaders take responsibility instead of just being sponsors. Decisions are made faster, venture teams get the freedom they need – but also the accountability they have to deliver. Governance isn’t a straitjacket, it’s an enabler.

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What exactly defines good governance in venture building?

Karyna: Three things: First, clear decision-making processes - who gets to decide what, and when? Second, a realistic approach to risk - such as milestone-based funding instead of “all-in” investments. And third: a systematic model that shows how the venture aligns with strategic goals. Many companies underestimate how much this strengthens board-level commitment.

Stefan: That’s why we developed the New Business Operating Model – a framework that interlinks governance, structure, and operational implementation. Only when these three components work together can ideas become robust business models.

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And what does all this mean for Heads of Strategy or Corporate Innovation Leads currently thinking about new venture approaches?

Karyna: It means: now is the right time to build boldly – but with structure – for the future. Our study shows: those who take new business building seriously today are setting themselves up to be among the winners in five years. That works if the setup is right. With governance as the backbone.

Stefan: Or to put it another way: venture building isn’t a sprint, it’s a mountain hike. And if you don’t want to slip, you’d better secure yourself well.

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