The secret lesson for corporates from the world of startups
August 5, 2015
When ANZ chief economist, Warren Hogan recently explained Australian business’ aversion to risk, it made a lot of sense. Not only are corporates concerned about project success, they are also geared and structured towards large projects which makes it more difficult to innovate in a more “agile” manner. This gives rise to several other challenges. Without flexibility, Australian corporations are subject to:
- Unnecessary competitive disruption – smaller businesses can easily capture mindshare, momentum and a raft of unhappy customers simply because companies don’t have the agility to address emergent threats.
- Higher levels of customer dissatisfaction – if customer experience projects are subject to this same lack of responsiveness, then customer satisfaction is more likely to quickly result in customer churn and lower NPS.
- Market irrelevance – today’s customer is hungry for differentiated experience. Slow response to market challenges simply means that your market moves elsewhere. And they do so “at the speed of digital”.
But all is not lost. There are four key lessons that corporates can learn from the world of startups. And they can all be easily implemented, trialled and scaled with a minimal investment. I explain more here.
Gavin is the Founder of Disruptors Co, one of Australia’s leading independent strategy and innovation companies. Gavin advises firms on strategy, marketing, product development and innovation. He is also a member of the Orbits program, the influencer network of award winning analyst and advisory firm, Constellation Research. Gavin advises boards and leadership on innovation strategy, marketing, data-driven product development and corporate venturing. Gavin is on the board of Vibewire, a youth-led social enterprise based in Sydney, Australia and on the Technology Advisory Group for Good2Give – the workplace giving platform.
Read more
Published
August 05, 2015
Author
