Close

Innovating the corporate way: the how and why of 'fourth era innovation'

Innovating the corporate way: the how and why of 'fourth era innovation'

The title of this Forbes piece, 'Business Model Innovation is the Fastest Path to Greatness', may elicit a 'duh'. 

But the Q&A with Scott Anthony, managing director at innovation consulting firm Innosight, and the author of The Little Black Book of Innovation, is worth a read.

Startups have disrupted markets from retail to consumer technology to tourism, but corporates are also becoming more and more entrepreneurial.

What's driving this, and how are they doing so?

A few quotes from Anthony:

"Innovation magic has the potential to shift from venture-backed startups to global behemoths. A large company can never innovate faster than the market. But it can innovate better than the market. I consider this the fourth era of innovation, following the era of the lone inventor, corporate lab, and the venture-backed startup."

"The way in which people think about and approach innovation has certainly evolved and changed over the course of the past 200 years, especially as it relates to business.  Consider the increased recognition of the power of business model innovation. Companies now recognize that innovation goes beyond features and functions — it can involve new ways to promote, package, produce, distribute, finance, or provide support."

"Great startups will continue to imagine great new ideas and launch potentially market-changing innovations. But I do think entrepreneurs need to think about how to form symbiotic relationships, rather than engage in winner-take-all battles to disrupt market leaders."

Click through for the interview in its entirety.