{"id":25026,"date":"2019-06-25T06:18:09","date_gmt":"2019-06-25T06:18:09","guid":{"rendered":"https:\/\/www.bridge-global.com\/blog\/?p=25026"},"modified":"2019-07-09T11:31:27","modified_gmt":"2019-07-09T11:31:27","slug":"3-proven-ways-to-inspire-big-brands-to-innovate-like-start-ups","status":"publish","type":"post","link":"https:\/\/www.bridge-global.com\/blog\/3-proven-ways-to-inspire-big-brands-to-innovate-like-start-ups\/","title":{"rendered":"3 Proven Ways to Inspire Big Brands to Innovate Like Start-Ups"},"content":{"rendered":"

In today\u2019s \u2018innovate or die\u2019<\/em> world, corporate giants are forced to generate inventive breakthroughs. Big enterprises everywhere are facing the challenge of survival if they don\u2019t adjust to the ever-changing market. In simpler terms, big corporates also need to behave like start-ups. They need to \u2018think different\u2019, be Agile<\/a>, and stay \u2018innovative\u2019.<\/p>\n

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Why Should Big Corporates Bother to Act Like Start-Ups!<\/h5>\n

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Maybe you are wondering why big corporates should act like start-ups. Here is a simple proof from the historical list of Fortune Global 500 companies to make it convincing for you.<\/p>\n

A quick comparison of Fortune 500 companies in 1955 vs. 2017 shows that only 12% of firms that found a place on the 1955 list were present on the 2017 list. The rest of the companies have either merged\/acquired, became insolvent, or have fallen from the past glory. If you take a closer look, the companies that have managed to be on the 2017 list have a common factor: they continuously reinvent and innovate and act as successful disruptors. A great example is the 125-year-old General Electrics (GE)<\/a>! It is never far-fetched to say that brilliant innovations<\/a> never cease at GE. <\/p>\n

Here are some other established business giants that are actively practicing the start-up way<\/a>: Procter & Gamble<\/a>, Intuit<\/a>, Google<\/a>, Microsoft<\/a>, Coca-Cola<\/a>, Amazon<\/a>, The Walt Disney Company<\/a>, etc.<\/p>\n

All these companies did not cling onto their infatuation to the traditional business models. They have been positively adapting with the volatile environment and the complicated customer behaviour.<\/p>\n

<\/p>\n

Effective Tips to Build a Start-up DNA in Your Established Setup<\/h5>\n

<\/strong><\/p>\n

Innovation isn\u2019t something that just happens. We need to create the right conditions and cultural mindset for it to grow. Here are some tips as to how big organizations can innovate like small start-ups.<\/p>\n

1. Build Internal Incubator<\/strong><\/p>\n

If an established organization really wants to launch disruptive products\/services, they need to accelerate internal start-ups. This can be done by promoting intrapreneurship<\/a>. An intrapreneur is an employee who thinks like an entrepreneur. He will build his innovative idea inside the company as an entrepreneur, using the resources and capabilities of the firm rather than launching his\/her own business.<\/p>\n

Offer your employees a friendly space to express and test their new ideas. Embrace a \u2018no idea is a bad idea\u2019 policy. Mount a suggestion box or a chart paper for them to jot down their ideas. These ideas will undergo a peer review and potentially receive funding for product development. I am sure you will be soon looking for an additional writing space to accommodate the ideas of your idea champions!<\/p>\n

Remember that the illustrious success of Gmail, Google Maps, AdSense, etc. is the result of Google\u2019s famed internal innovation principle \u201820 percent rule\u2019. This is a unique Google initiative that allows employees to dedicate 20 percent of their time to work on a Google-related passion project of their own choosing or creation.<\/p>\n

It is also important to have clear objectives, a specific budget, and readiness to learn from failures. These corporate start-ups should also get proper guidance from idea to executive pitch.<\/p>\n

We, at Bridge Global<\/a>, have initiated this when our founder Hugo Messer<\/a> asked us to come up with new business ideas<\/a>. We got an overwhelming response. We are currently moving ahead with the idea validation, testing, and MVP<\/a> process. Our business model in Indonesia is aiming at driving innovation in Indonesian enterprises<\/a>. <\/p>\n

\"\"<\/p>\n

2. \tAcquire a Start-up<\/strong><\/p>\n

This one is a contrast to the first one. Here you are bringing in a cool start-up rather than creating one inside. It is true that your big brand has the essential expertise and resources to invent. But you better acquire a start-up as the entrepreneurial energy of a start-up may be unimaginable to you. <\/p>\n

Acquiring a start-up or working with them is a great way to engage with entrepreneurs. It helps you to recoup the enviable start-up culture inside your four walls. Start-ups are programmed to work in tighter timelines and constricted budget. This trait can be a great learning exposure for your employees to think like start-ups. Use your money in exchange for the talent and ideas of the start-ups. The result is mutual gain.<\/p>\n

You can start it as an accelerator or incubator program for a short period of time by mentoring and offering co-working space to some cool start-ups. You can acquire them eventually if you find them as viable.<\/p>\n

If you feel that stirring disruptive innovation from within is difficult due to some inherent organizational shortfalls, go ahead and acquire start-ups!<\/p>\n

3. \tWork with External Incubators<\/strong><\/p>\n

What about sending your innovative talents outside your four walls and letting them work within incubators? That\u2019s what Procter & Gamble did when they sent a team from their corporate headquarters in Cincinnati to an incubator in Chicago. The result of the experiment was Tide Spin, an app-based laundry service.<\/p>\n

As aptly stated by the famed serial entrepreneur and academician Paul Earle<\/a> \u201cCompanies need to step away from their corporate cubicle farm. If you want to learn how to play baseball, it\u2019d be a pretty good idea to go to a baseball field.\u201d<\/em> <\/p>\n

<\/p>\n

Quick Tips to Get Your Culture Right for Innovation<\/h5>\n

<\/strong><\/p>\n

\u2022 Encourage small and cross-functional teams
\n\u2022 Embed equality, transparency, and visibility into your system (shunning rigid hierarchy will help you a lot!)
\n\u2022 Stop micro-managing as they hamper bold ideas
\n\u2022 Give adequate support and autonomy to passionate idea-churners
\n\u2022 Stop being fussy with failure, because the fear of failure hinders innovation<\/p>\n

It’s impossible for a business to survive on its original ideas alone for a long time. It needs to push for innovation. It needs to embrace \u2018Lean\u2019 to get rid of all sources of waste in its operations. Here is a story of a 47-year-old company that embraced Lean Startup<\/a>. <\/p>\n

<\/p>\n

Conclusion<\/h5>\n

<\/strong><\/p>\n

There is no doubt that \u2018fast-moving\u2019, \u2018risk-taking\u2019, \u2018snappy innovation\u2019, etc. are no longer the characteristics of start-ups! Your long-standing organization will also become a rock star innovator by fostering a progressive culture and environment. <\/p>\n","protected":false},"excerpt":{"rendered":"

In today\u2019s \u2018innovate or die\u2019 world, corporate giants are forced to generate inventive breakthroughs. Big enterprises everywhere are facing the challenge of survival if they don\u2019t adjust to the ever-changing market. In simpler terms, big corporates also need to behave …<\/p>\n","protected":false},"author":83,"featured_media":25033,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[176,177],"class_list":["post-25026","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-corporate-innovation","tag-startup-culture"],"featured_image_src":"https:\/\/www.bridge-global.com\/blog\/wp-content\/uploads\/2019\/06\/How-Can-Big-Companies-Innovate.jpg","author_info":{"display_name":"Preethi Saro Philip","author_link":"https:\/\/www.bridge-global.com\/blog\/author\/preethi\/"},"_links":{"self":[{"href":"https:\/\/www.bridge-global.com\/blog\/wp-json\/wp\/v2\/posts\/25026","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bridge-global.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bridge-global.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bridge-global.com\/blog\/wp-json\/wp\/v2\/users\/83"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bridge-global.com\/blog\/wp-json\/wp\/v2\/comments?post=25026"}],"version-history":[{"count":18,"href":"https:\/\/www.bridge-global.com\/blog\/wp-json\/wp\/v2\/posts\/25026\/revisions"}],"predecessor-version":[{"id":25519,"href":"https:\/\/www.bridge-global.com\/blog\/wp-json\/wp\/v2\/posts\/25026\/revisions\/25519"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bridge-global.com\/blog\/wp-json\/wp\/v2\/media\/25033"}],"wp:attachment":[{"href":"https:\/\/www.bridge-global.com\/blog\/wp-json\/wp\/v2\/media?parent=25026"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bridge-global.com\/blog\/wp-json\/wp\/v2\/categories?post=25026"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bridge-global.com\/blog\/wp-json\/wp\/v2\/tags?post=25026"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}