How Large, Legacy Companies Can Win at the Innovation Game
Big companies have traditionally dominated innovation. But today, according to recent data, entrepreneurs have pulled ahead and taken over most of the growth in consumer-packaged goods. However, using nimble strategies and a hands-on approach, Fortune 500 companies can make and test ideas faster, reduce risk and launch bold new products, say innovation experts Jonathan Tofel and Carolina Sasson.
In their new book, Fire in the Machine: Driving Entrepreneurial Innovation in Large CPG Organizations, Tofel and Sasson share insights on innovation gained from decades spent working with Fortune 500 companies such as Clorox, PepsiCo and Kellogg’s. They reveal the strategies that have helped their CPG clients harness the startup mindset with big business systems to unleash the best of both worlds.
“Innovators in large companies know that when it comes to creating and delivering products consumers love, size is on their side,” Tofel said. “The power of a Fortune 500 company allows it to leverage its resources to grow by developing new products that greatly enhance consumers’ lives.”
But big-company strength alone won’t cut it when it comes to innovation, explains Sasson.
“The sweet spot lies between large company capability and the entrepreneurial ethos underscoring successful startups,” she said. “This mix is the key to unlocking exponential growth and inspired innovation.”
Fire in the Machine offers an insightful journey into the challenges that all great innovators in large corporations face and shows leaders in these companies how to leverage new approaches and realize the growth possible when entrepreneurial innovation is in the driver’s seat.
