Why do established businesses fail? Because they miss the future. And what contributes to them missing the future? Many things, among them is a focus on maintaining the status-quo while avoiding uncertainty.
Here’s a short story of how innovation dies inside established organizations that have a short-term results focus…
I’ve always believed that the best way to brainstorm is a hybrid of thinking by ourselves and then sharing that with a group to build on each other’s ideas; as opposed to brainstorming with a group from the start.
in Innovation, Leadership
Organizations don’t resemble their early years as they become successful and establish themselves. They shift from playing to win to a playing not to lose mindset. The organization matures and puts more effort into short-term thinking and maintaining the status-quo; they put more focus on protecting and maintaining what they have.
The Next Economy will be driven by 10 key emerging technologies, which are being deployed at scale by GAFA (Google, Apple, Facebook, Amazon) and Microsoft; among others.
This is a new world, where you’re either a digital business or a dead business; and requires a different type of leadership.
What does a culture of innovation look like? Last week I gave a talk at an event on the foundations of a culture of innovation. Instead of telling you what a culture of innovation looks like (they’re all different but share habits), I focus on what all organizations do to impede it.
In the innovation space, too much focus is placed on methods, not enough on mindset. Tools are the methodologies, mindset is the habits. One of my colleagues recently told me he’s learned about mentality, not processes, in the time he’s spent working with me. He’s right! I can give you the methods, but they don’t matter if you don’t have the habits.
Every business today, whether they’re aware or not, are having a low rate credit card processing, a disruptor or disrupted. The main culprit is the internet and emerging technologies. Companies that were born pre-internet are at a disadvantage versus ones that are born today. The difference? Digital first mindset.