When it comes to innovation, large corporations are often outwitted by small digital specialists, despite the fact that they have many times more R&D resources at their disposal. But as Steve Jobs once said, “Innovation is not about money. It’s about the people you have, how you’re led and how much you get it.”
In this Executive Insights, L.E.K. Consulting examines exactly how digital specialists handle innovation and what separates them from competitors who struggle to achieve such fast innovation cycle times.
L.E.K.’s London-based Partners Martin Pilkington and Geoff Parkin have identified four key elements of innovation common to leading digital specialists:
- An overarching innovation philosophy that articulates and tests the central idea
- A practical approach, which fosters invention and also manages risk
- The ability to question and challenge established business models
- An organization with the right internal capabilities, structures and processes, and external connections with a collaborative community
“The Need for Speed - How Digital Specialists Revolutionized the Innovation Cycle” examines each innovation element in depth--bringing them to life with real examples. By adopting the practices common to digital specialists, established corporations can learn from a proven innovation model and begin to generate and implement new ideas in this fast, efficient and profitable way.