How Big Business Is Innovating Again
What’s the Latest Development?
Start up companies have typically succeeded at innovation because they have larger short-term interests in delivering better-performing, higher-margin products to their most demanding customers. But now big business is striking back. Take Xerox, which has at times been on the brink of irrelevance, but is now learning how to innovate. The company is expanding into the service-side, i.e. document management for corporations, state governments and law firms using non-Xerox hardware.
What’s the Big Idea?
Big business is innovating by expanding into developing markets, which need different products and distribution schemes than Western economies. That often means developing low-cost alternatives which can then benefit all kinds of customers. Another key for large tech companies is to evaluate new projects not only according to how much profit they will bring, but how fast managers learn from early failure and make adjustments in response.
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