The fundamental challenge for organizations in established industries is :
A. Can the company become a Tech giant – or is it too high a bar to clear ?
For example, in –
- Energy – Can a big oil company re-invent itself away from its dependency on fossil fuels ?
- Transportation – Can a big auto company re-invent itself away from a culture based on bending steel ?
- Healthcare – Can Medical Practitioners develop a new mindset to benefit more with technology and new processes ?
B. Answer : Some people and organizations will – but many won’t.
…… as verified by the many examples – with numerous companies and products no longer with us !
Examples of Disruptive Innovation in Enterprises Being Very Difficult
Innovation Learnings – from Epic Product Failures
The Connection between Innovation Theater & Turnover in the Fortune 500
C. What does this mean for many companies in established industries ?
There is an urgent need for new thinking, skills, competencies, and the courage to act to meaningful transform to a new business and deliver new value. In other words, becoming a more entrepreneurial and Tech-centric organization who is great at collaborating (with internal and external resources) to “ Innovate for Impact “.
– OR – Become a footnote in history !
To learn more about making innovation more rewarding and better positioning you and your organization to be part of the future, see www.cail.com/BI or contact CAIL.
April 6, 2022 CAIL Innovation commentary 905-940-9000 info@cail.com www.cail.com/BI