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In this write up we will talk about why corporates need to innovate, why most of them of failing and need to startups and corporate start collaborating with each other for survival At the end of the conversation the CIO asked us 3 questions which sparked us to write this blog. 1 Do my organisation need innovation ? 2 Even if I need Innovation why are so many other corporates of our size fail in innovation ? 3 How can I test it in most cost effective way ? First let's address the Elephant in the room, is Innovation optional ? Relevance for customers Building Business Reslience competitive advantage Corporate innovation is essential for businesses striving to remain relevant and competitive in today's rapidly evolving market. By continuously developing new products, services, and processes, companies can better meet the changing needs and preferences of their customers. For instance, Apple's regular release of new iPhone models keeps them at the forefront of consumer technology, while Amazon's introduction of Prime services has revolutionized online shopping convenience. Statistics show that innovative companies are 2.5 times more likely to have high-performance outcomes compared to their peers. This proactive approach not only helps in retaining existing customers but also attracts new ones, ensuring sustained growth and market presence. Furthermore, innovation fosters a culture of creativity and adaptability within organizations, enabling them to quickly respond to emerging trends and disruptions. In essence, corporate innovation is the driving force that keeps companies aligned with customer expectations, ultimately leading to long-term success and relevance. Business Resilience Building business resilience is paramount for companies looking to thrive amidst uncertainties and disruptions. Corporate innovation plays a crucial role in fostering this resilience by enabling businesses to adapt, evolve, and maintain continuity during challenging times. For instance, during the COVID-19 pandemic, many companies that swiftly innovated their business models, such as shifting to remote work or expanding e-commerce capabilities, managed to survive and even thrive. According to a McKinsey report, organizations that prioritize innovation are 30% more likely to be high-growth companies. Innovation not only helps in developing new revenue streams but also in creating more efficient processes and resilient supply chains. This agility allows companies to quickly pivot in response to market changes, ensuring they can weather economic downturns, technological disruptions, and other unforeseen challenges. Therefore, corporate innovation is not just a strategy for growth but a vital component of building a robust and resilient business capable of sustaining long-term success.
