Every corporation must increase their innovation velocity to stay relevant in the marketplace and ahead of the competition, both known and unknown at this time.
Every corporation must increase their innovation velocity to stay relevant in the marketplace and ahead of the competition, both known and unknown at this time.
The 4th Industrial Revolution has begun, says the World Economic Forum. In an increasingly technology enabled world, all companies will be challenged at some point by the Uber, Amazon, or Airbnb of their industry. No business is immune to this threat. It takes a long time for global corporations to go out of business. Without innovation velocity, lack of competitive advantage may not even be noticeable until it’s too late.
Why is it important to change the approach to innovation right now?
The cost of starting a business has dropped from $5M in 2000 to $5,000 in 2015, which was reported by Upfront Ventures / CB Insights. There are more startups than ever in the marketplace that can become disruptors without a lot of capital.
The cost of technology is dropping at the same time the capabilities are increasing enabling IoT, sensors, faster wireless communications, and more. Startups have new tools to invent services and products that have not been possible previously.
Artificial intelligence, machine learning and automation capabilities are rapidly increasing, providing companies with more information and insights for new services, faster decisions and more effective action.
Successful corporations are working with the startup ecosystem to influence their corporate strategy giving them more time to adapt, adopt, and exploit external innovation.
N3 Innovation is available to discuss this unique opportunity to integrate successful industry-focused accelerators, startups and investors into the existing corporate innovation process.