What It Really Means to Innovate Like a Startup

Large companies can emulate the best innovation practices of startups through organizational, process, and cultural adaptations, and these go beyond size and agility.

Innovation is becoming increasingly important to company profits as the main engine of economic growth in the 21st century. Many of the major disruptive developments are coming from the world’s leading startups and smaller, nimbler companies, creating waves across industries old and new. Innovation today has become synonymous with small, agile, and digital. Meanwhile, large, established companies are growing more dependent on a continued pipeline of new and successful products and services to remain competitive.

There’s no doubt large companies are hindered by their size and the entrenched, perhaps outdated business processes and systems that often result. Increased bureaucracy and exposure to legal and regulatory restrictions also limit these companies’ efforts in successfully…