The ability to innovate is a key factor behind the success and growth of any corporate organization. Yet, many companies fail to recognize the importance of innovation and lack the insight and strategies needed to unlock their potential. Alexander Mahr, founder at Stryber, an innovation consultancy aimed at helping corporates launch new products successfully, has identified eight myths surrounding corporate innovation that he has debunked in order to help corporate organizations maximize their growth potential. Let’s take a look at four of these myths in detail.
Myth #1: Wait and See – This myth comes from the belief that it’s better for corporates to wait until they have all the information before taking action. Unfortunately, this “wait and see” mentality can lead corporates missing out on potentially lucrative acquisitions or deals due to waiting too long. To avoid this pitfall, it is important for corporates to be more proactive and responsive in order to identify opportunities as soon as they arise.
Myth #2: Followers Will Make It – When it comes to innovation, being a follower rather than a leader can be perilous. Corporates who do not execute bold ideas or strategies often find themselves unable to keep pace with their competitors. To prevent this from happening, it is important for corporates cultivate a culture of risk-taking and boldness in execution so that they are always one step ahead of their competition.
Myth #3: It Can Come From the Organization – In risk-averse environments where employees are afraid of failure, launching real innovation within corporate organizations can be challenging. Internal structural and cultural barriers such as bureaucracy and siloed thinking can make it difficult for innovative ideas to be adopted by large-scale organizations. To overcome these obstacles, corporations must create an environment that fosters collaboration across departments so that innovative ideas can flow freely throughout the entire organization.
Myth #4: Corporates Own Customer Relationships – Although large corporations may dominate certain markets with superior individual use cases, startups still have an edge when it comes customer relationships thanks to their agility and customer-centric models which enable them to react quickly when changes occur in the market place. This means that even if startups are unable match corporate offerings feature by feature, they will still be able win customers over with superior customer service or product design experience..
Understanding how various myths influence decisions made within corporate organizations is critical for unlocking maximum growth potential for any company looking for sustainable success in today’s competitive marketplace. Through debunking these myths related to corporate innovation Alexander Mahr has provided invaluable insights into what companies should focus on in order create an environment where innovative ideas can flourish and ultimately help them reach higher levels of success. It is now up the CEOs project founders within corporate organizations put these insights into practice if they want their business succeed in today’s rapidly changing world.