Exploring the Challenges Corporates Face in Reinventing Themselvesvarsha September 19, 2023 0 COMMENTS
Big corporates generally face a lot of challenges when it comes to reinventing themselves regarding new business models. Today we discuss how the system that thrives a corporate, is also the reason corporates are unable to innovate and reinvent themselves and what solutions there are in the current market.
Naturally, you want to play it safe
As a big company, you’ve got employees, investors, and a reputation to think about. Naturally, you want to play it safe. So, you set up all these rules and processes to minimize risk. That makes sense, right? You don’t want anything going wrong that could mess up your whole operation. But here’s the kicker – those very rules that protect you can also trap you in a comfort zone.
The Fear of being the one that brought the organization down
Here’s where things get interesting. When you’ve built a system based on a thousand rules you have to follow, it’s hard to take risks. And guess what? Innovation thrives on taking risks! Coming up with fresh, game-changing ideas means you’re gonna have to step out of that comfort zone. But with all those rules hanging over your head, the fear of failure can be seriously overwhelming. So, even if you’ve got this amazing idea, you might just hold back because, well, rules.
A new system with a new set of rules
Now, It’s not that rules are evil or bad. They’re necessary for the core business to thrive. But if companies wanna be on the cutting edge, they’ve gotta find a way to work around the current system with all the rules. That is why a new system, next to the current system is necessary. This system is specifically built for innovation that comes with big risks, and limited short-term returns but the potential to be a future thriving business model. Innovation comes from letting your hair down, trying new stuff, and embracing the possibility of failure. Some of the most successful companies out there encourage their teams to break free from the usual routines and experiment. More and more corporates are realising this necessity, therefore they are hiring innovation consultants, another option is using software tools. GroundControl for example, is a software that functions as an innovation coach and helps you find new profitable business models in this separate system.
Corporate systems, with all their rules and safety nets, can unintentionally become innovation roadblocks. While it’s important to manage risks, it’s equally crucial to give creativity some breathing room. Therefore companies should put a new system in place, separate from the current system, that embraces a little bit of chaos, where ideas flow freely, mistakes are made and innovation is celebrated.