Innovation opportunity for enterprises. What worked for startups can now also work for enterprises. Even the innovation process would be the same. And purpose and reasoning should be the same too. The only difference is the leadership structure. And that requires a new understanding of what actually makes the difference between the two company types today.
No – it has nothing to do with size or capital, And yes both are driven by human beings.
Over the past four years, we learned so much about the difference between innovation in corporations and in startups that we today realize: Enterprises had not even a chance to be innovative even when acquiring a startup. The full details can be downloaded as a Whitepaper.
HOW ARE INNOVATIVE IDEAS CREATED
When thinking of innovation it is most helpful to understand how homo sapiens is performing the creation of innovative ideas. Without knowing how innovation is done, it is hard to manage the process and innovation remains to be a process. The key learning is that ideas are composed by our neurons from past experiences. There is no mechanism that just “creates” ideas.
Without exception, the most innovative solutions were created in an attempt to solve a problem. Random experimentation and hoping to find a great idea never led to groundbreaking innovation. Innovation is an outcome – it cannot be a desire.
When we know how innovation is created, we can request certain results, request to provide insights, and measure and manage the effort. Most importantly executives know what they are asking, even where and what to innovate.
When you know the “what and how”, you can make sure that your business is ready to innovate in the first place and prevent unnecessary costs and delays.
After all – innovation management can be performed like most other mission-critical activities, teams can be selected in accordance with the requirements and tasks and results become predictable and timely.
Successful innovations consumed more than $100 Million in funding, some reached into two-digit billion-dollar investments. Obviously, this is done in stages and in line with progress, KPIs, and timelines. Comparing it with a $500,000 startup would be a huge mistake because that was only their starting point.
FOLLOWING IS NO INNOVATION
Obviously, you can catch up with the market to survive. But the financial market will recognize it accordingly. A follower will not beat the innovator – not on the market cap.
Innovation is one of the intellectually most demanding jobs. Not only does it take 100% focus, it also requires relentless execution and the motive to do so. The Innovation Culture, team selection, and motivations are the ultimate driver of successful innovation.
The BlueCallom Deep Innovation Design method was modeled and shaped based on all the findings from our research and our own experiences, building 4 innovative businesses and helping hundreds of startups to get there too.
Whitepaper Download here.