Corporate Innovation — Expert Round Table #2
Digitalization has brought boundless new opportunities, but along with them threats for businesses. As society changes so to do the needs of people. Traditional services no longer satisfy the average customer as innovative ones do. Large corporations need to adjust to the rapidly changing market and improve their customer experience. Otherwise, they will lose out to new entrants with disruptive ideas which attract the consumers away from the norm.
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Current trends:
Due to this flux in the market, a new trend has emerged. Nowadays corporations collaborate with startups, creating a win-win situation for both parties. Startups are able to trial new products and bring disruptive ideas to market much faster than a corporation. Bureaucracy is not common in startup culture, allowing them more flexibility.
In our previous round table discussion, we encouraged experts in the field of corporate innovation to answer questions related to the importance of innovation in large enterprises. Why global corporations pay attention to this topic, as well as their thoughts corporate-startup collaborations.
This time, the questions we have asked the experts are related to future trends in small businesses, corporate/startup partnerships and what are the frequent mistakes made by corporations when innovating.
Questions we asked:
- “If you could pick one area that startups will see explosive growth in, which field/niche would it be and why?”
‘I would bet on the distributed computing. The exponential growth of connected devices will make the everyday objects smarter and autonomous. But these objects need to be provisioned and managed remotely, securely and on a big scale. This will open up a whole new ecosystem of solutions for data processing and workload management.’ — Stefan Petzov
- “What is the most creative way corporations use to attract startups to their Innovation Labs and Corporate Garages?”
‘As we build corporate innovation labs we’re well placed to see what attracts startups and usually, it comes down to co-creation opportunities with corporates who can offer access to customers, talent, expertise and sometimes finance.’ — Rishi Chowdhury
- “Describe some crucial mistakes you’ve witnessed corporations making when attempting to innovate?”
‘One is calling everything disruptive when it really isn’t, while at the same time managing big innovations as if they were predictable, incremental advances. The result is too many small innovations that are initially celebrated as big ones, but ultimately only deliver incremental business growth.’ — Dr. Pete Foley
Full version of the Corporate Round Table Discussion on Corporate Innovation #2.
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