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Four Ways To Improve Your Innovation Success Rate

By now, it’s treated as an established fact: large companies are bad at innovation, small companies are good at it. But that’s not exactly true. The innovation divide isn’t based on company size – it’s based on whether a company is new or established. Small companies aren’t particularly innovative – new companies are. A company that is just starting out, and still searching for the right business model, will be driven to innovate. New companies are hungry, willing to do radical things to create a new product or service. And they need to be innovative to compete with established players. But once they have an established business model – and that business model is working – small companies face the same challenges as larger ones. Employees have expertise in the established business model, but not in any new ones. Investments in the established business model have a clear ROI, but investments in new ventures don’t. And if you have a clear growth runway in your existing business, why would you invest time and money trying to create something new? We have faced these challenges in our own company, Peak Support, and with one of our clients, West Wing Writers, a […]