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Why innovations in the company fail

Many companies are unable to implement innovations on a large scale. Why a distinction must be made between innovation generation and innovation scaling. The inability of many companies to implement innovations on a large scale prevents them from fully exploiting the enormous potential of future technologies – although they are now more dependent on them than ever. This emerges from the new study by the Capgemini Research Institute “Scaling Innovation – What’s the Big Idea?”, Which explains why most innovations are not rolled out successfully. Olivier Hervé, Head of Strategy Consulting at Capgemini Invent, sums up the results as follows: “The scaling of innovations must be treated as a separate discipline within the innovation journey because it is fundamentally different. It has its own challenges and is typically located in a division of a company that is completely separate from brainstorming, scaling also requires a different mindset and different skills. By treating scaling as a specific and unique discipline, establishing proper governance, and building a culture that is willing to make tough decisions about how to scale innovation, organizations can do so with a speed and assurance that competitors can struggle to keep up with . ” In 2019, around $ 300 billion was invested in nearly 32,000 venture capital businesses worldwide. [1] Inventors around the world filed 3.3 million patent applications the year before, 5 percent more than the previous year and after a steady increase for nine years in a row. [2] The COVID-19 pandemic only intensified the need for innovation and renewal: 68 percent of executives stated that they had accelerated existing transformation initiatives. [3] Still, the ability to scale innovation is still in its infancy as many organizations fail to reap the rewards of big bets on innovation. According to the study, the effect and value of such innovations arise not from the idea itself or from experiments. Rather, companies that scale innovations and implement them on a large scale benefit from faster business development and long-term competitive advantages. Large organizations need to treat brainstorming and scaling as separate entities
Innovation and successfully scaling it are two different functions that often require different attitudes and skills. However, few companies differentiate between the front end of innovation generation and the back end of innovation scaling. They don’t think about scaling itself – a discipline that is clearly different in purpose, requirements and challenges. Although the scaling takes place in the downstream phase of the innovation process, it is often too low and comes too late. According to the study, the search for innovation often focuses on what is desirable – concepts and projects with great impact that aim to solve an unmet or undisclosed customer need. Rarely does it focus on the two aspects that are more relevant to a large business – profitability and feasibility. MORE ON THE SUBJECT
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By considering the scaling of innovations as a separate discipline, companies can ensure that, right from the start of the brainstorming phase, they employ teams or individuals who focus more on the feasibility and feasibility of innovations. Using COVID-19 as a catalyst
COVID-19 has accelerated innovation in many areas. Capgemini noted that during these times of crisis, organizations have made significant strides in fighting bureaucracy, streamlining processes, reorganizing workforces and strengthening top management. As a result, some companies have been able to accelerate their action by nearly two years when it comes to scaling up innovations. Organizations should now build on this momentum to understand how to overcome some of the traditional governance challenges that stand in the way of scaling. This includes, for example, how they get their best talents to concentrate on the topic or by overcoming bureaucratic hurdles or organizational silos. Not every idea can be scaled in the long term
An innovation culture is not only important for brainstorming and testing new ideas, but also for successfully scaling them within existing or new markets. Fostering a learning culture that accepts mistakes and is willing to stop initiatives, even if they have initially been largely successful, is crucial to a culture of innovation that uses economies of scale. Not every idea can be scaled over the long term and it is vital that companies understand when to accept failure at different stages of the innovation journey. Organizational culture is the biggest hurdle in scaling innovation. The ability to remove barriers and address problems must extend from management across the organization. The study shows that companies that have already achieved great success with scaling are more willing to stop existing experiments and innovations in order to try new things. Footnotes:
[1] Crunchbase, “The Global VC Q4 / EOY 2019 Report: A Strong End to a Good, Not Fantastic Year,” January 2020.
[2] World Intellectual Property Organization (WIPO), “Global Intellectual Property Indicators,” October 2019.
[3] Research Institute Capgemini, “Forward to the future: Defining and winning the new normal after COVID”, July 2020.

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New OnePlus 9RT: Specs, launch date, colors revealed

OnePlus hasn’t said how much RAM the 9 RT will feature, however Geekbench has shown that it will sport 12GB of RAM. However, an 8GB variant will almost certainly be available.

Shenzhen [China]: The OnePlus 9 RT’s launch date and specifications have been revealed by OnePlus ahead of its official announcement.

According to GSM Arena, the OnePlus 9 RT will go on sale in China on October 13, or next week.
Although the new OnePlus smartphone will be unveiled in China first, it is expected to make its way to India as well. In India, the OnePlus 9 RT has yet to be announced.

The Snapdragon 888 SoC will power the OnePlus 9 RT, which will be paired with LPDDR5 RAM and UFS 3.1 storage. It will have a 120Hz E4 screen and a 4,500mAh battery that will charge at 65W. The primary camera on the 9 RT will be 50 megapixels.

OnePlus hasn’t said how much RAM the 9 RT will feature, however Geekbench has shown that it will sport 12GB of RAM. However, an 8GB variant will almost certainly be available.

The phone maker also revealed that the 9 RT will be available in two colour options: black and grey, and that pre-orders will begin on October 13 in China, with the first sale on October 19.

We’re still four days away from the launch, so expect more information regarding the OnePlus 9 RT in the days leading up to it.

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Meaning of CEO, COO, CFO, CIO, CTO and CMO: Calling each executive by name

The adoption of business terms and technicalities from English-speaking organizations is increasingly widespread, and acronyms that describe executive positions are often favorites when used by those responsible for the areas of the company. The use of acronyms such as CEO, COO, CIO, CTO and CMO has become widespread, both in more traditional organizations such as startups and other technology-based companies.

But what is the meaning of these acronyms?

If we pay careful attention to its definition, we will see that the meaning of CEO and the rest of the management figures of companies are much simpler than you thought.

What is the CEO of a company?

The CEO of a company is the acronym corresponding to the acronym for Chief Executive Officer, which in Spain we usually know as CEO or Executive Director. He is the head of administrative management and direction in the company.

Who is the COO?

It comes from the Chief Operating Officer and can be translated as Director of Operations or Chief of Operations, responsible for the daily operations of the company such as production, logistics, etc.

What does CFO stand for in English?

CFO is the abbreviation for Ch IEF Financial Officer. In our business culture it corresponds to the Chief Financial Officer and his responsibility is the economic and financial planning of the company based on the objectives established by the board of directors, generally made up of those responsible for each area that we are analyzing in this post.

What is the CIO of a company?

It comes from the acronym for Chief Information Officer. Their role is attributed to the person responsible for the company’s information technology systems and usually falls into different professional profiles depending on the organization’s structure. Thus, the position of CIO may be the counterpart of the systems manager, although there is ambiguity in its implementation and it is often confused with the CTO, which we explain below.

What does the acronym CTO stand for?

It is the abbreviation of Chief Technology Officer and it is usual to give it the same treatment as the system manager in an erroneous way by many companies. The main difference is that while the CIO is responsible for the company’s information services at the process level and from the planning point of view, the CTO is the technical person in charge of the development and correct operation of the information systems from the point of view of execution.

What is a CMO in a company?

It corresponds to the acronym of Chief Marketing Officer and its translation in our business language is that of Marketing Director as the head of sales and product development, among other functions.

Its application in practice is different according to the structure of each organization, and there may be various combinations in the hierarchy of these executive positions. In general, the meaning of CEO of the company falls on the highest part of the organization and has as subordinates the executives responsible for each area, who report directly to this CEO to make his decisions. However, in other organizational models, the position of CEO held by its president as the visible image in communication and public relations of the company, delegating the highest decision-making authority to the COO.

The meaning of CEO extends

This definition nomenclature of executive positions in companies does not end here. Many of these terms did not exist a few years ago, and the increasing specialization of departments in large organizations gives rise to new positions, which after the meaning of CEO and the other positions that we have seen evolve into new figures such as the CSO (Chief Science Officer), CCO (Chief Commercial Officer), CLO (Chief Legal Officer) among many other definitions of executive positions.

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Coworking: Need or Opportunity?

Many times when it comes to undertaking we see that there are a great multitude of impediments that stop our initiative.

One of the most obvious, especially in times of crisis, is financing. That is why a work modality called coworking has proliferated in Spain for a few years. But what is coworking?

The foundation of coworking is to bring together professionals from different fields in the same space where they can develop their activity, which means significant cost savings. In other words, it’s like having roommates with whom you share expenses.

Surely, you have heard a friend talk about a coworking space, collaborative work, cost savings, … So far great, but the philosophy that underlies this type of work is even broader. The work tends to be increasingly multidisciplinary and many times, as entrepreneurs , we cannot cover the requests of a potential client.

We are going to put an example. Let’s imagine that we are a freelance professional specialized in Online Marketing and we have several accounts as a Community Manager.

As you are self-employed, but you are not motivated either by being in your pajamas all day locked at home listening to music, or worse, some gossip program that they give in the morning on TV – not to mention going to work in a library where the WIFI is slower than on your first Smartphone – you decide to try a coworking space where you have all the comforts for a small price and from which you can always “run away” if things don’t go well for you.

One fine day comes the opportunity to create a Social Media plan for a company. Within this Plan the creation of a corporate blog, the creation of videos,… to which you obviously answer: “no problem!” Is contemplated, since it is an opportunity that you cannot miss.

Once you dismiss the client, you sit in your chair and a cold sweat starts to run down your forehead thinking “now how do I do all this?”

From its programming, database creation, corporate identity creation … to the creation of promotional videos and a long etcetera.

Suddenly you raise your head like a meerkat in the African savannah and you see Nika, that nice girl who is a web designer and a little further on you see Alfon, that “compi” with whom you go out for beer on Fridays when you finish ” currar ”and it turns out that in addition to working as an illustrator, he has a hobby which is making videos, especially for his friends, and on top of that, it’s really good!

Et voilá! You already have a fully qualified team to carry out your project… and who knows if a future company. This idea is what underlies the coworking philosophy : Being able to create flexible collaborative environments that adapt to the needs of projects or clients.

Obviously, cooperative work has its advantages and disadvantages. Creating a multidisciplinary team for a project can be complicated, since managing the team is not an easy task when the participants do not share a mutual philosophy or common goals. Therefore, it is important to create a team that complements each other both on a human and professional level, and above all that wants to move the project forward.

From my own experience, if you want to develop your own project and do not have funding , it is better to make it very clear to the participants the delivery times and what their role in the team is. Otherwise, you will end up spending more time trying to coordinate people than working directly on your project.
“Luck is what happens when preparation and opportunity meet and merge.” Voltaire

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