Is your corporate innovation strategy bullet proof?
Be the first one in your sector to bet on innovation.
Fewer than 12% of the Fortune 500 companies included in 1955 were still on the list 62 years later in 2017.
of the companies from 1955 have either gone bankrupt, merged with, been acquired by another firm, or still exist but have fallen from the top Fortune 500 companies.
According to a 2016 report by Innosight (“Corporate Longevity: Turbulence Ahead for Large Organizations“) corporations in the S&P 500 Index in 1965 stayed in the index for an average of 33 years.
By 1990, average tenure in the S&P 500 had narrowed to 20 years and is now forecast to shrink to 14 years by 2026.
At the current churn rate, about half of today’s S&P 500 firms will be replaced over the next 10 years as.
It’s pretty obvious that to stay competitive in such a rough market, your corporate innovation strategy must be based on constant innovation at “startup speed”.
These are some questions you should ask yourself and internally within your company to know if you’re ready to bet on innovation and build your entrepreneurship program:
How ready are you to collaborate with startups? Legally, operationally and in terms of mindset? How will you engage your employees in the open
innovation process? How many failures are too many? How much are you willing to risk before pulling
the plug on tests? What can you do to keep your best inventors
from defecting to competitors or worse,
becoming the competition?
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