We just had a great #InnoChat on this topic: Innovation Smackdown: Are Big Companies or Startups More Innovative?
We discussed these questions:
1. What innovation advantages do you think large companies have?
2. What advantages do startups have?
3. How can these advantages be adapted to work in both large companies and startups?
4. What one specific innovation-related change would you make in your company?
The chat brought up lots of great insights and here you get my quick and dirty list of what I found to be of particular interest or just plain inspiring. You can find all #innochat tweets here.
A4 established process, structure around #innovation leads to more success. not just ideas popping up, but how to incubate them.
Rate of change in tech n communication is faster than it has ever been. More risk is needed by larger orgs to stay competitive.
A4: Alot of C-Suites need to stop thinking that because they cannot understand a new technology or process, that it is just a fad. #innochat
A4 Figure out what the real challenges are when it comes to innovation and develop a process to deal w this #innochat
A3 The CEO of big companies could do internship in startups before buy them #innochat
A3: Most innovative big co’s find ways to fail fast and cheaply. #innochat
Interesting if large orgs would/could collaborate w/startups sharing common vision. Does everyone have to compete in all things? #innochat
A3: Innovation practice: encourage “test and learn.” Embrace failure as one step closer to success! #innochat
Innovation is complex mix of many factors. Now, they are not only internal, but also external w open innovation #innochat
A3 Understanding of how critical innovation is = room for it to happen in myriad ways, from culture to actionable. #innochat
A2 In a startup, you can see the impact you have – huge advantage! In a large co it’s harder to see. #Innochat
A4. If you focus on just one thing to change, you do not understand the challenges you face and you lose. #innochat
A2 Startups are desperate – in a good way. #innochat And they can’t imitate themselves (yet), which in an innovt’n killer.
Forget skunkwork. Innovation in big comps must happen in the open to bring lasting change on corp culture #innochat
A2: Startups don’t have to serve shareholders, which can be a barrier to innovation. #innochat
A3 Startup have the advantage to grow what provides an exceptional talent attraction #innochat
The future of innovation is within communities. Big and small comps need to make this work to mutual benefit. #innochat
Intrapreneurship can bring more jobs, growth if done right as this can maximize the use of big comp advantages #innochat
Big comps can match small comp advantages w intrapreneurship – give options in new cos to passionate ppl #innochat
Are startups best bet for creating jobs, growth? I don’t think so. Intrapreneurship in big comps more potential #innochat
A2. Startups are focused on one product or service & it’s rapid release & exploitation – nothing sharpens the mind like no cash #innochat
A2: Startups are usually idea first, money second. Big companies are often the other way around. #innochat
Startups don’t take months to make decisions – they get into post-decision action mode much more readily #innochat
Q2. Biggest advantage for startups is that they can attract the best talent. People is everything. #innochat
A1. Large cos have both the momentum advantage AND the diverging, multilayered complex conflicting interests challenge #innochat
A1 – Scale, when applied with focus, can be an amazing thing. It’s the focus that often lacks. #innochat
One of the biggest innovation challenges is the fast pace of change. This goes for big and small cos #innochat
Open innovation has few big winners, many small winners, many “losers”. Big companies tend to be the winners. #innochat
Ask any small company if they would like to be bigger. There is some wisdom in the answer you will get. #innochat
There’s a difference btw innovation and entrepreneurship. Big comps have strategic options, for small comps it’s do or die #innochat
Challenge for big companies are calcified processes and heavy infrastructure investments that must be monetized. #innochat
A1: Big companies have people power–lots of skills, diverse interests. Innovation barrier: knowing people beyond job title. #innochat
Innovation often happens at the edge. There are many more edges in big cos than in small ones. #innochat
A1: large companies can fail and still succeed. Small companies failure can kill the company. #innochat
A1 Is large cos advantage that if a significant improvement is generated, its impact can be much larger than for small cos. #innochat
A1: Larger companies’ innovation advantage = resilience. They can take bigger risks and withstand bigger hits. #innochat
Larger orgs have a bigger playground, can make a bigger impact too. #innochat