How to Innovate Like a Startup
Curated from: inc.com
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Small And Innovative
Large corporations seem to lose their ability to innovate, something that they could do when they were small and nimble.
These big companies buy smaller companies, who are innovative despite struggling and being low on resources and finances.
Innovation, it seems, requires constraints and struggle.
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Limited Resources
Struggling with limited resources is a good formula for small companies, but is not easy to replicate in large corporations.
Innovation comes when companies are not focused on new ways to sell old successful products by re-marketing or repackaging them but to invent new products and compete in new industries.
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A Do Or Die Situation
Human beings as a species are not built for abundance and paradoxically achieve peak productivity with constraints and limited resources.
There is no 'circle of safety' in small companies, and survival is a very real concern. This makes the people pull themselves together and out-think their problems, succeeding by effort, not by financial resources.
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Abundance Hinders Innovation
If resources are greater than the problem, that very abundance works against innovation.
If leaders of large companies wish to innovate, they must ensure that the challenges, dangers, and opportunities to innovate exist in the organization. They need to provide their people with something to believe in, a purpose beyond just profitability or quarterly earnings.Â
If employees have the right vision and the right challenge, they will start to innovate and advance the company, even changing the industry.
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