Businesses today face a market of constant instability and disruption due to significant changes in customer behaviour, technology, regulation and demographics. This demands an innovative response from business or risk losing revenue and market share to more forward-thinking, innovative and agile competitors. The question is no longer, why should your business innovate, but rather, in what ways are you innovating and how fast?
For many organisations, innovation is difficult to understand and execute.
There remains a clear discrepancy between how big business and startups approach it. As a result, big business is looking to start-ups and entrepreneurs to identify disruptive ideas and opportunities, and to unlock innovation through the spirit, blood, sweat and tears of entrepreneurship.
This paper explains the differences between how big business and start-ups innovate, as well as providing practical tips to help businesses innovate.
We discuss how big business is investing in the sector through accelerators and incubators, and likewise how the startup community is at the forefront of industry disruption and change.
The paper identifies seven startup approaches that can be used to help organisations improve their innovation practices. They include:
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