Big Corporates – Innovate or Die!!
Innovation is becoming the buzzword – not only in the innovation hubs of startups – but also in the land of the big corporates
Indications that the Bureacratic Disease is setting in
- Are you starting to defend your margins through pricing?
- Is bureaucracy rife and issues re people trying to maintain their positions an, titles and jobs a problem?
- Is it a mission to do something different?
- can you relate to the drain phenomena?
- Is the early vision of your Company exhausted?
A growing number of large brands are investing in non-core innovation for Growth. They must.
Disruption knocks. For some, disruption has all but destroyed the current status quo.
As my mentor Allen Pathmarajah says – when the rate of change on the outside is greater than the rate of change on the inside, the end is near.
there are 2 fundamental reasons why large corporates don’t thrive in innovation
1. risk appetite is low and
2. fear of failing
Below are 8 examples of how organisations have started to infuse innovation into their culture
- Silicon Valley outposts, Nestle detting up a facility there
- Telstra supporting Muru-D
- Google supporting Fishburners
- On-Premise accelerators: Polleniser incubating Spreets
- Co-location with entrepreneurs, such as the RocketSpace model in San Francisco (soon NYC and London)
- Continual learning – The Innovation Masterclass and the 10X Coaching Club and its accredited Business Diploma
- Attending investor forums
- Create a space where its ok for risky behaviour and the ability to push the edge with the comfort that its ok to fail
Many organisations need a good dose of new leadership to make innovation real and sticky.
Innovation is not a nice to have – its a necessity – and its good business.
Steve Blank talks about innovative businesses needing to both improve and invent!
So – in summary
- Continuous disruption will be the norm for corporations in the 21st century
- Continuous innovation – in the form of new businesses- will be the path for long term corporate survival
- Current corporate organisational models are inadequate for the task
- Look to set up an Innovation Mastermind Group
When I speak to a founder of a start-up – it really gets my juices flowing
They don’t talk about building a lifestyle business (which represents 90% of all SME’s). My Dad was a pharmacist, and his why was to earn enough money to live well, feed and educate his family and enjoy a day at the races to get is adrenalin pumping…..
Founders of Startups talk about
- How they are going to change the world by doing something important
- They are disrupting
- They are making a massive difference
- They are going to take over the universe
- They are excited and they are on a mission