Want to Innovate? Then Act Like a Start-up

Description

It is wrong to assume that established companies cannot beat start-ups at breakthrough innovation. Many companies weaken their breakthrough innovation abilities by focusing on execution and the incremental innovation that goes with that. Drawing on insights from their new book, The Innovation Paradox, the authors highlight how established companies can change the rules of the game and master breakthrough as well as incremental innovation. To become a Start-up Corporation requires taking advantage of the creativity, talent and drive of the people in the company and its networks to discover new opportunities for breakthrough innovation. The key is to manage six stages that characterize start-ups and to combine the discovery attitude of entrepreneurs with the access to resources of established companies. The authors challenge the myth that breakthrough innovation is the sole terrain of start-ups and show that, actually, established companies are better suited to tackle some of the major challenges that society is facing.

Keywords

attract breakthrough innovation business model combine convergence stage discovery path divergence stage economies of scale entrepreneurship frugal innovation incremental innovation innovation hub innovation paradox inspire integrate learn leverage not invented here portfolio prototype R&D lab reverse innovation scalability Silicon Valley spin-off start-up VC