Corporate Innovation

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Corporate Innovation
Corporations have traditionally been built upon one immensely successful product, and subsequently expanding their enterprise on that existing business unit. R&D departments were solely focused on improving existing products by identifying supporting business models.

However, what was previously successful has now been upturned by an influx of disruptive startups. While corporations have shown to be weak at identifying disruptive opportunities, startups thrive in reimagining the outdated. In the current environment, corporations must rethink and reinvent their business models, incorporating internally generated success with externally generated innovation.

How Corporate Innovation Works

Corporations have historically proven to be immensely successful at advancing existing business models. However, they often fail to identify new disruptive opportunities for growth and expansion. On the other hand, startups are great at re-envisioning how an industry can operate and grow. Innovation is crucial to a corporation’s success by giving it a competitive edge in penetrating markets faster. By creating a mutually beneficial relationship with startups and entrepreneurs, corporations can ensure a long-standing successful business for generations to come.