Innovation -Earlier and Now

At least 40% of all businesses will die in the next 10 years if they do not figure out how to change their entire company to accommodate new technologies - Cisco chairman, John chambers.

It is still a common perception that to compete in a changing and challenging market, one must invest heavily in research and development. But that is not necessarily the case. In industry jargon, this is what we would call “closed innovation”.

Typically, the mindset of those working in a closed innovation ecosystem follows a closed line of thought. You strive fiercely to become the first to market and the development process happens behind a closed door.

But times are changing and early adopters are beginning to adapt to a new model of innovation. Closed innovation is becoming less important.

Nowadays, companies are more open to change from inward-focused innovation to open innovation. Entrepreneurs have understood that the environment around them can be used very efficiently. The goal is to be open to new ideas, technologies and external talents.

There is still a way to go, but the attitude is shifting toward a more sustainable and collaborative attitude.

Over the next 10 years, around 50% of the companies currently on the Fortune 500 list will be replaced. The life expectancy of large companies is rapidly declining as startups enter the market at a rapid pace.

According to Futurum, a staggering 70% of corporations believe that the CEO of the company has a practical and above-average understanding of new technologies.