Do or Die!.....
Updated: Feb 21, 2020
......then, Innovate to Dominate!
THE CHALLENGE ...
Large corporates scratching their heads and entrepreneurs are salivating at the opportunity to disrupt them.
Well, it is not a surprise to see a decrease on the average lifespan of companies on the S&P 500 index. According the Innosight & Standard & Poor’s data, companies’ lifespan is decreasing from 35 years in 1970 to 12 years in 2020.
The world is moving faster than you can even imagine! Rarely a month goes by without any kind of disruptive technology or application peeking up: AI, VR, AR, IoT, machine learning, blockchain…
Look at how the Internet homogenizes cultures making the available market to expand and the capability to innovate is becoming a key factor in determining global competitiveness. The economy is reacting as we see more and more startups and enterprises go global. Organizations can’t afford to stay behind as the game is changing.
The question is
· what drives and sustain innovation? To protect corporate from disruption and take full advantage of these opportunities? And,
· How can we leverage collective insights, international distribution capabilities, and network to help organizations realize successful, sustained intelligence?
THE SOLUTION ...
Companies need to go further and implement a solid structure that prioritizes innovation and am not saying centralizing innovation for one department. But, creating a program management or a platform. The DNA of this platform is to have a diversity of thought, models and people to create an innovation framework that operates in close partnership with entrepreneurs, start-ups and corporates not only locally, but globally. Why? So that we access the entire talent and ideation pool to challenge and inspire different perspectives and approaches.
In fact, outside challenges offers organizations unprecedented opportunity to test assumptions and ideas to move all of us as society to a new era of living and breathing we have never experienced before.
· Not leaving lots of opportunities on the table for competitors to grab by exploring new adjacent business, markets and business models
· Executing on ideas to improve operational excellence and core capabilities
· Environments where teams are positioned to learn at an accelerated pace by running experiments to validate or invalidate, assumptions
· Assess whether a project should be led be the hub or that associated department depending on the insight of the team for that opportunity