Nowadays, companies last less than 20 years on the S&P 500, down from 60 years in the 1950s — a trend in large part caused by technological disruption. To put it bluntly, the corporate landscape can be summed up as ‘innovate or die.’ Have you taken a temperature check around your organization's innovation efforts? It’s time you should.
How Successful Are Your Corporate Innovation Efforts — and Could You Be Doing More?
Innovation is no longer a nice-to-have. It's a necessity. Oil, gas, and banking — traditional industries that have long-held the top positions of global companies by market capitalization — have been muscled out by tech companies.
Organizations that aren’t leading with or embodying technological transformation simply cannot maintain any sort of competitive advantage, and may even cease to exist.
Take note from Kodak’s failure. Kodak dominated the market, but they made a critical mistake. They invented a product and they didn’t take it to market: the digital camera. A Kodak engineer named Steve Sasson developed a filmless camera back in 1975, but management gave it no attention. A former Vice President of Kodak, Don Strickland, said: “We developed the world’s first consumer digital camera but we could not get approval to launch or sell it because of fear of the effects on the film market.” The result? Kodak filed for bankruptcy in 2012.
In order to avoid corporate horror stories like this we created our Corporate Innovation Playbook, a framework of actionable steps that corporate innovators can apply to stay ahead of the curve.
Unleash Your Company’s Innovation Potential
The Corporate Innovation Assessment
According to a McKinsey survey, 84% of executives say that innovation is critical to their growth strategy, but only 6% of them are satisfied with the innovation performance to date.
So, what do you do about this discrepancy between acknowledgement and results?
In truth, this gap presents an exciting opportunity for corporate innovators — an opportunity to be laser focused on developing a strategic plan with the right KPIs.
Here at RocketSpace, we understand that there is not a “one size fits all” solution when it comes to innovation — if there was, every organization would constantly, consistently, and seamlessly transform itself.
However, there are tried and true processes organizations can take to set itself up for the most success. We believe that the best place to start is with an honest, self-reflective, and holistic analysis of a company’s key competencies.
This was the catalyst for the Corporate Innovation Assessment — leveraging RocketSpace’s innovation expertise to develop a self-assessment for organizations that helps them gauge their current challenges, determine what their strengths are, and receive actionable recommendations on how to further improve their projects.
So, where does your organization land on the corporate innovation scale? What steps can your organization take to further improve upon its strategic innovation initiatives? Take the Corporate Innovation Assessment today to find out!
