A great article on Innovation in large corporates

Amy shared this link on our internal Yammer site.

It is one of the best articles that I have seen that discusses the idea innovation within a large business. Particularly pleasing for me personally is that it supports the "incubator" idea that I have been setting up within our organisation. 

Key takeaways....

1. New business innovation is different from core business innovation.

2. Rock star innovators achieve a 3 - 10 success rate....yep you read that right. This would NOT be acceptable inside the core business, hence the need to treat "failure" differently.

3. Liked this comment "the across-the-board digital revolution that began in the early 1980s intensified greatly in the dot-com era of the 1990s, during which the rate and scale of disruption brought about by innovation was massively accelerated. In 1958, the average length of time a company remained on the Standard & Poor's 500-stock index was 57 years. By 1983 it had dropped to 30 years. In 2008, it was just 18"

Our journey down this path has been extremely challenging. It is nice to know we are on the right track and need to persevere.

 

NIck