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How to Innovate Like a Startup

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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IDEA EXTRACTED FROM:

How to Innovate Like a Startup

How to Innovate Like a Startup

https://www.inc.com/simon-sinek/the-secret-to-sustainable-innovation.html

inc.com

4

Key Ideas

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.

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.

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.

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. 

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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Intrapreneurship

An intrapreneur can be defined as someone who thinks like an entrepreneur but brings their ideas to the company where they are employed instead of launching their own business. 

Instate a "no idea is a bad idea" policy, gather the support your employees need to try out their ideas and let them pitch decision-makers at your company.

McKnight’s 15-percent-time rule

This allows employees to spend 15 % of their paid work time daydreaming, doodling or experimenting with ideas that don’t necessarily have to do with their work at the company.

This kind of daydreaming is the genesis of invention and fosters passion for one’s work.

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5. Read For Immediate Rewards

Studies show that there’s correlation between human behavior change and immediate rewards. Receiving immediate rewards releases dopamine in our brains, which compels us to seek more of the a...

4. Use Triggers to Your Advantage

We often start habits and drop them a few days later. To combat this, you can use triggers to remind you to practice the habit. Examples of triggers:

  • Reading at the same time everyday will prime your brain to automatically trigger itself to begin reading.
  • Leaving your books in places you will easily see is another trigger. If you read books digitally you could pin your tab so it’s always in your visual perspective.

3. Stop Before You’re Finished

Studies indicate that the Zeigarnik Effect is real. It says you are more likely to recall uncompleted tasks than completed ones.

Knowing this pattern of our brains, we can trick it by forcing cliffhangers when we’re reading books. It’s hard to stop reading in the most interesting part but it will make you want to start reading again.

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Small Thinking And Big Thinking

Companies, teams and individual achievers are sharply focused on achieving goals. But this focus on completion often limits the scope of the results and stifles innovation.

There is a ...

Create Specified Time For Thinking

Set aside time to tackle a problem and then use the entire time. Don't head for the door after the first good idea, as there may be bigger and better ideas to come.

Encourage Outside Learning

Bring facilitation techniques to encourage participation.

By giving team members time and resources to grow, learn, and explore you get a better quality and wider brainstorming. 

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