Welcome to our Series 2 of Innovation Coaching Series, in this we are briefly going to talk about Corporate Innovation, and what is the best way to go about it.
When corporates need to innovate:
We live in a tech innovation work, corporates need to take advantage of it. Its easier to reach the end users, feedback is prompt and sometimes nasty and data is there for discovering the trend. Key is setting the direction for all this, so the corporates have the appetite to innovate. Innovation can lead to cost cuts, better productivity and greater market share. If the culture of innovation is missing, then all the initiatives will become sunk investments.
Types of Corporate Innovation Initiatives:
There are companies that thrive on innovation, tech driven companies like Amazon, Google, Microsoft and Apple, and there are companies who are leaders in their segment but are being disrupted by smaller, more innovative companies. AirBnB Vs Mariott is a great example. For survival, Mariott needs to innovate in selling, customer services and customer feedbacks.
Corporate that are held back in innovation due to corporate culture need to have a subset culture that is innovation driven. This approach will be much easier and quicker to implement within a large corporate, than changing the entire organization. Some work on having their own accelerators and incubators, others partner with external accelerators and depend on their services to shortlist the startups/technology that will help them take that next leap forward. This does not come without failures, and should be accepted as a corporate culture, else no success can come in short run. It would be better for corporates to hire Entrepreneur mindset resources to help them lead this initiate, rather than promoting someone from within. Needless to say it should always be top driven.
Can innovation be acquired?
Of course, everything has a prices, but how it integrates with the larger Corporate is the big question. Lack of innovation driven culture within a corporate will only experdite the death of an innovative startup. The cultures clash, and just like a double edge sword, it will cut both ways. So before acquiring, ensure you incubate!
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