What does it take to transform a bold industrial vision into a successful large-scale business?

This question was at the center of a recent discussion at KTH Executive School, using the rise and fall of Northvolt as a lens to examine one of the most pressing challenges in innovation management: scaling ambitious ventures while maintaining the governance, discipline, and risk management required for long-term success.

The discussion highlighted how many of today’s strategic industrial investments — from batteries and hydrogen to semiconductors and advanced energy technologies—face a common challenge. While visionary thinking is necessary to create breakthrough opportunities, scaling those opportunities requires a very different set of capabilities.

Several key insights emerged:

• Ambitious visions are essential, but they must be accompanied by rigorous decision-making and evidence-based milestones.
• Organizational design, leadership, and incentives play a critical role in determining whether innovation efforts succeed or fail.
• Successful organizations remain committed to their mission while staying flexible about the technologies and solutions used to achieve it.
• Independent challenge and constructive scrutiny—from boards, external experts, and internal review mechanisms—help reduce blind spots and improve decision quality.

The Northvolt case illustrates the complexity of moving from innovation to industrial execution. It serves as a reminder that building a promising venture is only the beginning; scaling it sustainably requires governance structures, operational discipline, and leadership capabilities that evolve with the organization’s growth.

For leaders responsible for innovation and transformation, understanding the transition from exploration to execution may be one of the most important capabilities of all.