Do you know who invented the computer? Most people don’t – I’m not even sure that there is an answer to that question. The fact that we don’t know tells us a lot about how innovation actually works.
Can large firms pivot? There are examples of firms that have, but not a lot of them. It’s a challenging process in the best of times, but they often try to do it in a crisis, which is even tougher. Your best strategy is to start experimenting now.
Business model innovation is relatively easy to do when you’re a startup. But it’s also a really important skill for established firms to build. In this post I discuss why, and how to approach it effectively.