18/06/2021
WHERE ARE YOU NOW ON CORPORATE INNOVATION?
Why is Corporate Innovation essential today? And as a corporate, where are you now on Corporate Innovation?
Forbes Councils Member Talal Rafi wrote in the Forbes Business Council COUNCIL POST "Why Corporate Innovation is Essential Today":
"With Deloitte's findings in mind, here are three suggestions I encourage large corporations to consider if they're looking to innovate,
1. Consider creating a corporate innovation lab. This can be a very effective way to innovate. Removing barriers for employees to test out their ideas is key, co-founder of Intuit Scott Cook said. Many employees of large companies are creative but cannot execute their ideas because they already have a defined scope of work.
2. Have a venture capital arm to your corporation. Young startups need investments and resources, which large companies can offer. Startups, in return, often have innovative ideas that could possibly disrupt your industry. Facebook, for example, bought Instagram early on, and it paid off. Otherwise, I believe Instagram would have likely been a serious competitor to Facebook.
3. Create an accelerator program. Large companies can also innovate by housing startups in an accelerator program. Office space, mentoring and an amount of investment capital can be given to startups. In return, the large corporations take a percentage of equity in the young business. The startups have autonomy but are connected to the corporations, and if the startups become big, the large corporations can have favorable deals in addition to market growth and innovation. Disney is an example of a company with an accelerator program. Startups are given access to Disney's creativity, expertise and space and funding, and in return, Disney can help launch innovative products."
Reference: https://www.forbes.com/sites/forbesbusinesscouncil/2020/07/01/why-corporate-innovation-is-essential-today/?sh=fdfc37f5b6c5
15 - 17 Sept. 2021, Corporate-Startup Partnership Interactive – EuroAsia
https://corporatedisruptors.com/event/corporate-startup-partnership-interactive-euroasia/
Ivan Yong Wei Kit Zoe Lau