Innovation in Big Business: It's Complicated (But Not Impossible)
This article was updated August 2024
Innovation suffers with office politics, resistance to change, and lack of vision. Overcome these by encouraging risk-taking and integrating innovation into daily operations.
Successful tech innovation requires solving real problems, iterating quickly, finding the right partners, and protecting intellectual property. Avoid overreaching or ignoring feedback.
Effective innovation relies on collaboration, customer focus, and creating supportive ecosystems that involve diverse stakeholders.
Big Companies, Big Problems
Picture this: A massive corporation with deep pockets, thousands of employees, and global reach. You'd think they'd be churning out groundbreaking ideas left and right. But often, they're not. It's like watching a supertanker try to do a U-turn in a harbor.
Why? Three big reasons:
Office politics: Ever tried getting a project approved through five layers of management? Yeah, it's a creativity killer.
Fear of change: "We've always done it this way" is the battle cry of the innovation-resistant.
Lack of vision: Sometimes, there's no captain steering the ship towards new horizons.
So, what's the fix? Two key moves:
Make it okay to take risks. In fact, reward it. Remember, Post-It notes were a "failed" adhesive before becoming office staples.
Don't treat innovation like it's special. Make it part of your everyday strategy, like brushing your teeth (but hopefully more exciting).
/ Tech Innovation: It's a Maze Out There
Got a great tech idea? Awesome. Now comes the hard part - turning that lightbulb moment into revenue. Here's your roadmap:
Make sure you're solving a real problem. No one needs another app that turns photos into cat memes (okay, maybe we do, but you get the point).
Build something that works, even if it's not perfect. Remember, Facebook's first version was just a way to rate college students' attractiveness (yikes).
Find the right partners. It's like dating - chemistry matters.
Protect your ideas. The tech world can be like the Wild West. Get your patents in order.
And watch out for these traps:
Trying to do too much at once. You're not Amazon (yet).
Ignoring feedback, even when it hurts. No, your mum's opinion doesn't count.
Forgetting about the competition. They're out there, and they're hungry.
/ CSIRO: Doing It Right
Want to see innovation done well? Look at CSIRO, our favourite home-grown science agency. They're not just playing with test tubes - they're changing the game. Here's their secret:
Collaborate like your life depends on it. Because in innovation, it kind of does.
Focus on what customers need, not just what's cool in the lab.
Measure your impact. If you can't measure it, you can't improve it.
CSIRO shows us that innovation isn't about waiting for an apple to fall on your head. It's about shaking the tree, and sometimes planting a whole new orchard.
/ Universities and Sustainability: It's Complicated
When universities try to turn sustainable inventions into businesses, it's like trying to solve a Rubik's cube blindfolded. Every case is different, and success often depends on other players in the game.
Take Aalto University, for example. They found that making sustainable innovations work in the real world is trickier than acing a final exam. It's more than the tech - it's the whole ecosystem.
The solution? Bring in more people. Get public organisations involved. Create together. It's like a sustainability BBQ - everyone brings something to the table.
/ The Bottom Line
Innovation is tough, especially in big companies. It's like trying to teach an elephant to tap dance. But if we understand the challenges, we can do better.
Remember: Innovation isn't a solo sport. It's a team game. And sometimes, the best players aren't even on your payroll yet.
So, whether you're in a corporate giant, a scrappy startup, or somewhere in between, keep pushing. Keep collaborating. And keep listening to feedback (even if it's not from your mum).
Who knows? The next big innovation might just come from you. No pressure.
(1) The Biggest Obstacles to Innovation in Large Companies.
(2) Steps To Take And Pitfalls To Avoid When It Comes To Commercialising Tech Innovations.
(3) From idea to impact: commercialising CSIRO’s research.
(4) Commercialising university inventions for sustainability—a case study.
