Top Track 250 leaders discuss how innovation could give mid-market business leaders an edge over their competitors.
At a recent Top Track 250 workshop, we asked 40 business leaders what the strength of appetite is for mid-market businesses to innovate in their industries. Leaders discussed businesses being caught in the middle of well-funded and well-resourced large corporate innovation teams as well as disruptive start-ups which have velocity and agility on their side.
Disruption and innovation is all about good business planning and the ability to implement ideas. Successful entrepreneurs know that to operate in different parts of a market they need to plan, manage the risk of what they are trying to do and not worry about failure.
Old is gold. The newest technological ideas are often some of the oldest ones - abandoned previously because circumstances weren’t right. Try to find out why it has been done before, why it failed, and why it could be a success in the future.
People are important in the process of innovation and disruption: “It comes down to people getting involved and driving change”, says Karen Campbell-Williams, Partner.
All industries face disruption. For example, a lot of the day-to-day work of accountancy will change. It will have to become an intellectual industry with the drudgery taken away by algorithms.
Often companies are faced with no choice but to innovate. Keely-Anne Woodley, Partner says: “If you have a burning platform, your business may not exist in a few years - that drives a lot of change. Aligned to that, for family-owned businesses in particular, is employee engagement and ownership.”
She added: “It’s about having a plan and sticking to it, rather than being too reactive. Do things at speed.”