The pressure on corporates to optimise their current operations while simultaneously building their business for tomorrow is being felt more than ever.
Disruption is occurring everywhere and the rate and impact of emerging technologies is phenomenal, so massive in fact that even understanding and predicting what their business needs to look like for the future is a challenge beyond most if not all. One thing they do understand is that they need to be more agile to respond to a rapidly changing future – not an insignificant challenge given the speed and commitment required to change culture is second only to changing nature.
Corporates also understand that innovation and seeding new businesses or business models needs to be done outside of the day to day to have any chance of survival and scaling to a position where it can hold its own with the rest of the business. It is also recognised that this experimentation and innovation cannot and will not occur without failures. Therefore their culture has to allow (if not encourage) failure.
Innovation for corporates generally covers:
– Improving existing products or business models
– Doing a process they are already doing but better or more efficiently
– Doing new things that make the old obsolete
Hugh Bickerstaff – Startup Daily – 28 May 2018