Recently started companies like Google will become the new capital market leaders. Having just been alive for 15 years mean that there is no fixed culture to deal with. In comparison to most of their competitors, this may be their biggest advantage.
Google’s growth is impressive. They hire new staff rapidly and is governed by a strong corporate culture; innovation first and earnings second. Most other companies have entrenched employees who resist change. If change is a prerequisite for innovation, most established companies are in trouble.
In order to enable innovation, we need to look outside our own organisations and start connecting with external people. Gary Hamel estimates that 90 % of what we need to know to survive is outside our own organizations. Not only do we need to make new friends externally, we need to make friends in our own organisations – we need to find new lateral product and service combinations.
There is not one perfect approach but by finding successful practises in other industries and with colleagues from other departments, and with an open mind, transferring the principles and practises to your established processes may be a start. Professor Hamel suggest, as an example, that hotels should let rooms like car hire companies, for 20 hours irrespective on when the client checks in. Will that work? Maybe, but it is worth a try.