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Startups are in the exploration phase and change to the exploitation phase when they become mature businesses. It can be a costly mistake when they are unwilling to switch back when needed.
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Great innovators are known for risk-taking and experimentation. But optimising needs a different skill-set that relies on refinement and efficiency. It is then rare to find people that can innovate and optimise.
A typical story is that a founder launches a startup, succes...
The key to success is to balance exploration and exploitation.
Many organisations focus on the exploitation of their historically successful business activities while failing to explore new territory to improve their long-term success.
Interested in leadership and management. Avid reader.
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Exploitation involves improving and refining existing products and processes. This typically happens through a focus on efficiency and execution.
In contrast, the focus of exploration is on identifying new ideas and ways of doing things. This involves thing...
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