Can Big Companies Innovate?

Can big companies innovate? Of course they can, posits Tim Kastelle. The key is figure out where innovation fits within your strategy and then what skills and processes you need to innovate in your particular context.

The difference between big and small companies is how they approach the process of idea management, Kastelle explains. In particular, small companies don’t need to think about developing a stream of sustaining ideas. They develop ideas, and immediately implement them, as a general rule. In constrast, large companies have many initiatives competing for attention, and therefore they must pay much more attention to this part of the idea management process.

Kastelle goes on to outline three strategies that large companies should consider implementing to ensure a steady stream of sustaining ideas to drive ongoing growth: increase your innovation speed, open up your innovation processes to outside partners and get to know your customers more deeply.

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