- Part 1 – Startups vs Corporations, and what happens in between
- Part 2 – Product Development in Startups vs Corporations
- Part 3 – Launching New Startups (New Products) in Corporations (this post)
Many industries are being disrupted by new and innovative technologies and many more are awaiting to be disrupted in the next 5-10 years.
This anticipation has obviously resulted in many corporations attempting to create their own innovative products, so as not to be disrupted by a third party technology or a startup. It’s quite common these days to see Telcos, Banks and Insurance companies organizing hackathons, and trying to generate innovative ideas that could be used in their respective industries.
Generating new ideas is the easy part. But as discussed in my previous post, trying to develop totally new products in a corporate setting is very challenging to say the least.
3 Corporate Hurdles that Kill New Initiatives
There are at least three main corporate hurdles for a successful new product incubation within a large corporate setting, these are corporate structure, approval processes and procurement processes. Oftentimes, corporations make a mistake of starting a new product without addressing any of these three pain points. Continue reading