EC Innovation Turnaround Strategy

Turnaround innovation3

….how do you trigger innovation turnaround? How to leverage what you have built in your organization whether it is a “walking dead” startup or a large “tired” company and go back to the right track for success before you become irrelevant for good?….

A few month ago I posted “Substrates for innovation”, which discusses the topic of innovation as a social phenomena, and how can entrepreneurs realize their aspirations at different environments: @Home, @ Academy, @Startup and @Large companies.

In the following, I would like to discuss innovation models and strategies from the company’s perspective, in particular how to trigger innovation turnaround at less-innovative companies.

The problem

We, the entrepreneurs dream big and hope that after founding our startups, working hard, do the right things, we will become a unicorn, and/or have a nice IPO and become one of the giant successful conglomerates. We may experience some turbulence along the way (see diagram 1) but if we survive them, we are on the right track for success (“the upper path” at diagram 2).

Diagram 1

Click on image to enlarge

Diagram 2

There are many small and large companies, which may even be profitable, but are stuck some way in the middle… they could have walked through the “upper path”, however they did not. Regardless of the reasons they fell down from the upper path, the current situation that they are facing is that they are “stuck”. They are trying to execute, living from a quarter to quarter and try to keep their heads above the water and execute on their current strategy. Some are still startups (“walking dead”) and some are larger, perhaps public companies who are … surviving. Most of these companies are in an “innovation-less” situation, they are too much focused on generating short term revenues and they just cannot afford themselves to invest in innovation.

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Ayelet Wolf 4 years ago Member's comment

Fascinating! Thanks for sharing.