The young innovative community has been credited to finding new solutions to age old problems, problems that in some cases larger corporations were built on solving. The start-up world excels at identifying, unlocking and tapping into latent consumer segments – often overlooked by their larger peers.
Their agility allows them to perfectly align themselves with dynamic consumer expectations, an expertise that corporations are not structurally built to perfect. This agility is being aided by the free-flowing communication that exists both, within start-ups as well as between them and their consumers. Increased interaction has resulted in a community-crafted guideline of best practices, enabling everyone to position themselves for success.
This has resulted in many established businesses, across industries, being caught on the back-foot, resulting in them having to drastically alter their business models to meet customer expectations. This change also pushes teams to collaborate internally, in lieu of teams operating in their own silos. Amazingly, some corporations aren’t even aware of smaller companies that pose a direct threat to their business – until it is too late. The widening innovation gap that exists between early stage businesses and corporations needs to bridged; and fast.
The only way to shorten the gap before it becomes irreversibly broad is for collaboration to take the forefront of any corporate strategy. Partnerships can allow for a free two-way flow of information and learning, proving beneficial to all those involved. These relationships allow corporations to leverage their access, which when combined with open innovation, allows them to broaden innovation brought to the market.
Fulton Waters keeps innovation at the forefront of its business, working with corporations and the early stage community across industries and technology to identify and create relationships that should exist.
Find out how we can help. Learn more at www.fultonwaters.com