Just look at the likes of Woolworths, Polaroid, Alta Vista, Kodak, Blockbuster, Borders… the list goes on. All steamrollered by strings of ones and noughts and changing consumer behaviour.
But why are so many big companies so bad at it?
“Typically, big companies are much more conservative than start-ups and won’t do anything that is untested or could risk future profits,” says George Deeb, managing partner at business consultancy Red Rocket Ventures.
“Innovation efforts really require a very different, more entrepreneurial risk-taking mindset.”
Jackie Fenn, a specialist in innovation at research consultancy Gartner, told the BBC: “Size can add to the challenges. A strong brand can have a fear that failure may damage its reputation.
Read more about it here.
