Venture capital investors have investment theses that specify the types of ventures and markets they invest in. In the same notion, large companies must have an innovation thesis — a thesis that states what a company will invest in versus what it will not invest in. An innovation thesis must be aligned with the overall corporate strategy and clearly set out a company’s view of the future and the strategic objectives of innovation. Because we cannot predict the future, an innovation thesis must be developed and viewed as a hypothesis that will evolve over time. Investments in various ideas will be the experiments we run to test the thesis.