Gokul Rajarm, one of NTT i3’s Executive Advisory Board members, believes that while many enterprise companies are looking for the innovation DNA that they see taking place in most startups, they are missing the fact that it already exists in their organization – they just need a way to unlock it.
As stated by Gokul, “Big companies need to learn how to start small and provide a safe space for innovation and experimentation.” Holding ongoing hack weeks can provide an important learning opportunity and forum for everyone within an organization to explore ideas they already have. One example of this is the successful Square hack week.
For enterprise leaders, Gokul recommends a focus on four key areas of startup-inspired advice:
- Unique Insights: Just as a startup founder must have unique insights as to why their idea is a good one, the enterprise innovation center must be able to clearly articulate why an R&D idea is good for the company to pursue.
- Founder-Market Fit: Innovation efforts must be pursued in current or adjacent markets if they are going to work.
- Balanced Teams: Like early stage startups, enterprise innovation centers need to have teams with a diversity of skills and experiences.
- Accountability and Governance: Enterprise companies must hold their teams accountable to their deliverables and have ongoing reporting, discussions and learning opportunities.
The time is now to unlock the innovation and creativity that already exist within enterprise companies. And to get there, enterprise leaders need to look for new ways to nurture ideas and collaboration.
For more information on our conversations with the NTT i3 Executive Advisory Board, visit here.