The venture team seeks to build a plan that will mitigate the associated risks while using innovation to increase the chances of success. If possible, a business design will achieve economies of scale and scope as growth is experienced. The creation of a formal business plan will provide a valuable tool for investors, the venture team, and allies. This plan is a description of the opportunity, product, strategy, team, needed resources, and potential financial outcomes. The venture techniques described in this book can be used by entrepreneurs to build an independent business as well as a corporate venture eme rging within an established firm. Large corporations can learn to confront the innovators' dilemma and build a viable corporate venture. Knowledge management is a powerful tool for an entrepreneur building an important, innovative new business. Furthermore, product design and prototype methods can foster the creation of outstanding products. The new venture organization carefully selects its legal form and protects its intellectual property.