Can Google face obsolescence within a short span of time if a superior search engine algorithm emerges? Should it take cues from Facebook, which strategically responded to the rise of WhatsApp by making substantial investments as a countermeasure? Could the widespread use of Apple’s iPhone and iPad, employed by a significant portion of the workforce, serve as a springboard to challenge Microsoft’s dominance in workplace, school, and university hardware and software? Even in the midst of an innovation boom, companies must remain agile and competitive to emerge as winners.
Today, achieving success requires more than just leadership in a specific engineering domain. It demands mastering a complex web of innovations. For instance, while Bezos explores the potential of drones, companies like Tesla and SpaceX, led by Elon Musk, focus on breakthroughs in electric vehicles, renewable energy, and space exploration. Similarly, Zoom Video Communications disrupted the video conferencing industry enabling high-quality video and audio conferencing for remote meetings and virtual collaboration, especially during the COVID-19 pandemic.
Engaging in such ventures inherently entails both the potential for remarkable success and the risk of failure. Businesses must carefully navigate these choices. While an innovation may appear promising and introduce unprecedented features, it must also align with a sustainable and viable business model. Apple’s design guru, Jony Ive, undoubtedly pondered the merits of innovative products like the Apple Watch and Apple TV.
In the midst of emerging big-data companies and the transformation of established energy and transportation firms, traditional giants like Amazon and eBay may start to appear outdated. Merely leveraging the internet for production scale and distribution, as Amazon has done, or building extensive social networks like Facebook, may no longer suffice in today’s competitive landscape.
In the present era, companies must harness the power of their digital networks as commercial ecosystems that foster openness and connect consumers and producers. Mere growth in size alone cannot guarantee survival; continuous openness to external influences is paramount. Modern companies like Uber and Airbnb have leveraged their digital platforms to disrupt and transform industries by connecting service providers directly with consumers in innovative ways.
Furthermore, successful innovation is not limited to corporate culture; it extends to lifestyle and societal impact. Tech giants such as Netflix prioritise consumer-centric approaches to disrupt traditional media and entertainment, while companies like Patagonia showcase how sustainability and social responsibility can be integrated into their business model. TikTok, owned by ByteDance, has quickly risen to prominence and disrupted the social media landscape and gained immense popularity, particularly among younger audiences.
To thrive in today’s economy, effective innovators must stay closely connected to the societies they serve. This connection enables them to assess the viability and societal impact of new ideas. These modern innovators are not only driven by profits but also strive to address pressing societal challenges. Companies like SpaceX, with their focus on space exploration and interplanetary colonisation, or Beyond Meat, with their plant-based meat alternatives, exemplify this commitment.
In conclusion, the world eagerly awaits the unleashing of countless innovative ventures from both established players and emerging companies. To thrive in today’s economy, innovators must adhere to a set of criteria that encompass ingenuity, novel product development, innovative business models, seizing new opportunities, and making a meaningful impact on society.
By the CEO of Big Innovation Centre Professor Birgitte Andersen
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