Just over half of Fortune 500 companies have “gone bankrupt, been acquired, or ceased to exist” due to digital disruption, according to Harvard Business Review.
Yet, according to KPMG, 43 percent of innovation-related programmes within companies have less than 10 full-time staff dedicated to them. Without the right level of resources, companies should look outward to the innovators specialised in their sectors for new impactful solutions.
The time is now for corporates to embrace passionate entrepreneurs and drive innovation. The global pandemic has rebalanced the business landscape and in a McKinsey survey of more than 200 organisations across industries, it found that more than 90 percent of executives expect Covid-19 to fundamentally change the way they do business over the next five years, with a lasting impact on their customers.
Digitalisation is a reality beyond the corporate world, and taking this view, innovation is essential for businesses to achieve long-term profitability while remaining competitive in an evolving marketplace.
Companies must have a sense of urgency in shaping their cultures that prioritise disruption and motivates employees. This will improve business performance and pave the way for pioneering ideas that optimise processes and boost efficiency.
This opens the door for entrepreneurs who can drive innovation, not only for blue-chip corporations and smaller enterprises but also for the government entities responsible for safeguarding its citizens and residents.
Fortunately, organisations are positioning themselves for this transition, with 61 percent planning to build upon their digital collaboration and communication tools. Equally, nearly half of CEOs plan to increase their rate of digital investment by at least 10 percent.
Abu Dhabi has already displayed a proven commitment to enhancing innovation. It’s actively investing in start-ups and micro-SMEs and pushing ahead toward sustaining a highly competitive and productive knowledge-based economy.
From hackathons led by Thales and Etihad Airways and Aldar’s scale up accelerator programme, to corporate challenges enlisting the help of start-ups to solve industry challenges, these initiatives in Abu Dhabi are also shaping a brighter future for homegrown start-ups that have since developed proof of concepts (POCs) and raised funds.
The Ministry of Health and Prevention (MOHAP) has successfully embraced innovation through its Innovation Health Strategy. It has effectively integrated it into its organisation, but fostering this culture isn’t as easy as formulating a strategy, especially when you do not have the bandwidth or resources to innovate.
Culture, courage and collaboration with entrepreneurs
In my conversations with successful start-up founders and entrepreneurs at Hub71, they share certain qualities that aren’t frequently found in the boardroom.
They are prepared to challenge, push boundaries, show resilience, and view a setback as an opportunity to bounce back.
These entrepreneurial qualities matter now more than ever to make an immense impact on large, complex organisations.
Having the courage to optimise processes leads to an ‘innovation mindset’. This mindset is six times more likely to be found in inclusive organisational cultures with the added value that those employees are less afraid to fail.
Corporations and governments need more people with these characteristics who can inject the innovation mindset internally and apply the fundamentals of entrepreneurship throughout the ranks of management.
This involves being more nimble, agile and flexible, being prepared to take calculated risks, and of course, not being afraid to fail.
These qualities empower employees, promote inclusivity, and mutually benefit both corporations and governments while enabling start-ups to gain direct market access to commercialise their products and services and gain customers.
Only by integrating innovation within the workplace can we truly boost productivity and profitability in the future economy.
And if collaborating with tech start-ups fails to get buy-in internally, remember that both the private and public sectors are still responding to the impending aftermath of the pandemic.
A quarter of CEOs believe their businesses have changed forever. This new reality, strengthens the ammunition to reinvent archaic ways of thinking and creates the perfect opportunity to pioneer and push boundaries.
Unlocking mutually beneficial synergies
Corporates and governments cannot operate in isolation. Some of our strategic partners believe innovation cannot thrive solely based on the actions of employees.
Suppose corporates and governments have close access to founders who can bring bold fresh thinking. In that case, these relationships can inspire new methodologies, processes and initiatives that can make the difference between viability and bankruptcy.
MOHAP has embraced innovation, and through The Outliers annual challenges, many more government agencies and corporations, including Mastercard, ADCB and Mashreq Bank, are pushing ahead with similar agendas at Hub71, realising that synergies do exist when collaborating with start-ups.
Through an inclusive workplace culture and the willingness to work alongside entrepreneurs, synergies could be unearthed, transforming an organisation’s DNA from its roots to the pinnacle of its potential.
Nader Museitif, head of products and business development at Hub71.
by Staff Writer
More of this topic
Innovate or depreciate: Why corporates need entrepreneurs
Start-up founders are prepared to challenge, push boundaries, show resilience, and view a setback as an opportunity to bounce back
Just over half of Fortune 500 companies have “gone bankrupt, been acquired, or ceased to exist” due to digital disruption, according to Harvard Business Review.
Yet, according to KPMG, 43 percent of innovation-related programmes within companies have less than 10 full-time staff dedicated to them. Without the right level of resources, companies should look outward to the innovators specialised in their sectors for new impactful solutions.
The time is now for corporates to embrace passionate entrepreneurs and drive innovation. The global pandemic has rebalanced the business landscape and in a McKinsey survey of more than 200 organisations across industries, it found that more than 90 percent of executives expect Covid-19 to fundamentally change the way they do business over the next five years, with a lasting impact on their customers.
Digitalisation is a reality beyond the corporate world, and taking this view, innovation is essential for businesses to achieve long-term profitability while remaining competitive in an evolving marketplace.
Companies must have a sense of urgency in shaping their cultures that prioritise disruption and motivates employees. This will improve business performance and pave the way for pioneering ideas that optimise processes and boost efficiency.
This opens the door for entrepreneurs who can drive innovation, not only for blue-chip corporations and smaller enterprises but also for the government entities responsible for safeguarding its citizens and residents.
Fortunately, organisations are positioning themselves for this transition, with 61 percent planning to build upon their digital collaboration and communication tools. Equally, nearly half of CEOs plan to increase their rate of digital investment by at least 10 percent.
Abu Dhabi has already displayed a proven commitment to enhancing innovation. It’s actively investing in start-ups and micro-SMEs and pushing ahead toward sustaining a highly competitive and productive knowledge-based economy.
From hackathons led by Thales and Etihad Airways and Aldar’s scale up accelerator programme, to corporate challenges enlisting the help of start-ups to solve industry challenges, these initiatives in Abu Dhabi are also shaping a brighter future for homegrown start-ups that have since developed proof of concepts (POCs) and raised funds.
The Ministry of Health and Prevention (MOHAP) has successfully embraced innovation through its Innovation Health Strategy. It has effectively integrated it into its organisation, but fostering this culture isn’t as easy as formulating a strategy, especially when you do not have the bandwidth or resources to innovate.
Culture, courage and collaboration with entrepreneurs
In my conversations with successful start-up founders and entrepreneurs at Hub71, they share certain qualities that aren’t frequently found in the boardroom.
They are prepared to challenge, push boundaries, show resilience, and view a setback as an opportunity to bounce back.
These entrepreneurial qualities matter now more than ever to make an immense impact on large, complex organisations.
Having the courage to optimise processes leads to an ‘innovation mindset’. This mindset is six times more likely to be found in inclusive organisational cultures with the added value that those employees are less afraid to fail.
Corporations and governments need more people with these characteristics who can inject the innovation mindset internally and apply the fundamentals of entrepreneurship throughout the ranks of management.
This involves being more nimble, agile and flexible, being prepared to take calculated risks, and of course, not being afraid to fail.
These qualities empower employees, promote inclusivity, and mutually benefit both corporations and governments while enabling start-ups to gain direct market access to commercialise their products and services and gain customers.
Only by integrating innovation within the workplace can we truly boost productivity and profitability in the future economy.
And if collaborating with tech start-ups fails to get buy-in internally, remember that both the private and public sectors are still responding to the impending aftermath of the pandemic.
A quarter of CEOs believe their businesses have changed forever. This new reality, strengthens the ammunition to reinvent archaic ways of thinking and creates the perfect opportunity to pioneer and push boundaries.
Unlocking mutually beneficial synergies
Corporates and governments cannot operate in isolation. Some of our strategic partners believe innovation cannot thrive solely based on the actions of employees.
Suppose corporates and governments have close access to founders who can bring bold fresh thinking. In that case, these relationships can inspire new methodologies, processes and initiatives that can make the difference between viability and bankruptcy.
MOHAP has embraced innovation, and through The Outliers annual challenges, many more government agencies and corporations, including Mastercard, ADCB and Mashreq Bank, are pushing ahead with similar agendas at Hub71, realising that synergies do exist when collaborating with start-ups.
Through an inclusive workplace culture and the willingness to work alongside entrepreneurs, synergies could be unearthed, transforming an organisation’s DNA from its roots to the pinnacle of its potential.
Nader Museitif, head of products and business development at Hub71.
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