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Corporate Innovation – From Strategy to Measurable Results

What is corporate innovation?

Innovation is essential for any company to stay competitive in today’s economy. It is no longer enough to be just a follower of trends or business models. Innovation provides the opportunity for companies to create new markets and develop new products that are different from their competitors’. A company can’t innovate without taking risks, but with the right corporate innovation framework and methodologies, it might reap the rewards of its efforts.

 

Why is corporate innovation important?

Companies recognise more than ever that innovation is both a matter of progress and survival. However, they also realise that trying to innovate within traditional or rigid company structures can be counterproductive. So, what do they do? 

Based on our long experience driving and deploying innovation within our corporate partners, we have different award-winning programmes whether they want to Partner (Open Innovation) or to Build (New Ventures).

 

Why is implementing corporate innovation so difficult?

Despite common beliefs, the innovation function isn’t separate from the rest of the company, so deploying it effectively requires work and effort from the employees. And that’s why it is difficult to implement corporate innovation. That said, the worst mistake any corporate can make is ignoring the threat of disruption. For a business to continue to grow in new and profitable ways, only a well-thought-out innovation strategy will do. 

 

How to make Corporate-Startup collaborations work?

Corporate-Startup collaboration, also known as Open Innovation, is a trend that has been on the rise in the past decade. On one side, this collaboration has helped startups to get access to larger markets and clients. On the other hand, it helped large corporations to find new innovative ideas that they can use. The key to making this collaboration work is by understanding each other’s needs and how these needs can be met. And at L Marks, we are achieving this through consistently discovering, developing and deploying new technologies and innovative solutions that are delivering measurable results to our corporate partners. 

 

How to embed a culture of innovation in your organisation and employees?

Some companies have a culture of innovation, which means they encourage employees to come up with new ideas and try different things. 

But for other companies, it might be hard to change their culture and mindset. So in order to make innovation happen, they need a systematic approach. 

 

Can corporates build new ventures?

Corporates are constantly being forced to innovate, adapt and evolve. The question is: when acquisitions are not an option, can companies successfully create new ventures that will help them achieve their objectives?

Many corporates have tried and failed, this is mainly because they often lack the right company building methodologies and expertise to bring new businesses to life. 

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