May 12, 2023
Tim Hough explained that established companies can innovate by using the mindsets and philosophies of a startup. This is called a corp-up. Using the startup mindset, a company can react more quickly to competitive pressures, jumpstart innovation, and put their obsolete business model out to pasture before the competition does.
A corp-up is a strategic approach adopted by established corporations that involves integrating the mindset, philosophies, and practices commonly found in startups.
It aims to drive innovation and growth within the organization by overcoming traditional barriers often found in larger, more established companies.
Innovation in big companies is important because it allows them to maintain a competitive edge, adapt to change, enhance customer satisfaction, drive growth and profitability, attract and retain talent, and ensure long term sustainability.
But there are many barriers to innovation including: resistance to change, bureaucracy, risk aversion, and lack of agility.
The startup mindset includes: agility, experimentation, risk-taking, and customer-centricity.
Tim Hough is an operating partner for Headwater Operations (HOPS). A seasoned executive with almost four decades of growing and optimizing companies, Tim is a champion of business leaders. He has dedicated his life to helping businesses and their leaders succeed. From local companies to global corporations, Tim has been an advocate for those struggling at the top of their field.
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