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Is your innovation breaking down?

Many firms start by trying to create a “culture of innovation” — they want to empower employees to put their best ideas into action

Source | www.fastcompany.com | ANDREW BINNS

Whenever markets get turned upside down, as they have been during the pandemic, it creates opportunities to reinvent the rules for how business is done. This is good news if you are ready to innovate, but bad news if you are hoping everything will just return to normal. Now is when corporations need to step up the rate of innovation and capitalize on new opportunities.

Unfortunately, many companies struggle to create radically new businesses. Investing in unproven ideas is hard for managers who are used to driving quarterly profits in relatively stable industries. A McKinsey study on post-COVID growth found that nearly 75% of managers see the opportunity, but fewer than 30% feel they have the expertise, resources, and commitment to capture growth.

Conventional wisdom says that corporations cannot do radical innovation. Instead, the perception is that innovation is a game for entrepreneurs with backing from venture capital. Although corporations have greater financial and technological assets, the view persists that they lack the entrepreneurial spirit to back new ventures. Corporate managers with good ideas are often advised to become entrepreneurs rather than waste time slogging through big-company bureaucracy looking for approval.

While there is a lot of truth in that assessment, conventions are for breaking, and a new breed of corporate managers are leading the way.

Click here to read the full article

Source
www.fastcompany.com
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