There is a phenomenon known as "innovation premium", a term coined by Forbes, which is something that can be found in all the large-scale and wildly popular tech companies of the world today. Innovation premium is the occurrence of additional value of companies being generated in the stock market solely because of the companies' reputation for disruption. These companies are notorious for using technology to help the common man answer big questions and they adapt quickly. The companies have teams that can out-think and outwork industries as a whole. They are great at problem solving. These companies are innovative enough to solve problems in ways that no one else has thought of. While they do all this, they also manage to make our lives better in the process. Read the whitepaper summary to find out what the tech giants have to say about what drives them and makes them so great.
Create a Movement out of Your Business Model - Like Tesla didTesla's main mission is to accelerate the planet's transition to sustainable energy. Their mission directs and guides every move the company makes. This goes way beyond just making cars. Elon Musk wants to make the future an enjoyable one, and a sustainable way of living is the only way it is possible.
Follow Amazon's Footsteps and Adopt an Explorer's MentalityAmazon topped Fast Company’s Most Innovative Companies list in 2017 for a reason. Their company mentality is essentially 'try, try till you succeed'. They encourage failure and think of it as a stepping stone to success. Jeff Bezos believes that an explorer mentality helps one get the best results. Small teams work together and create together, which is what helps them pioneer and keep all competitors at bay.
Speed Up Your Processes like FacebookMark Zuckerberg's mantra is "move fast and break things". Facebook has grown with nearly thunderous speed, and they use this speed to continue to thrive in this competitive market. One of their main company mottos is to be less afraid of making mistakes so that they do not miss out on opportunities, just because they were too afraid or too slow in making a decision.
Empower the People, Follow AtlassianAtlassian creates their company values by sourcing the best talent they can find. They give their employees cross-functional roles and provide them with learning resources wherever needed. This helps them stay true to their core mission of helping teams and creating a successful company.
Collaboration Techniques from GoogleGoogle solves challenges using design sprints. A design sprint at Google is a process that helps their employees answer critical business questions with five steps:
ConclusionSuccessful companies do not have all the answers. But they do not stop their learning process. They are constantly evolving and adapting to the technological changes and advancements, and this agility is what makes them successful.
- Leaders inspire their employees only when they focus their organizations on a crystal-clear mission and pivot their business model according to it.
- Companies need to build small, nimble teams to improve the organization's agility and business growth. The teams will then safe taking risks in the name of inventiveness.
- Companies need to have a quick pace and also support moving fast in a multitude of big and small ways. They need to recognize that this requires every single team member moving quickly as well to help them stay ahead.
- Business organizations should build a healthy work culture and environment. They should also invest in the growth of their employees, almost like their company depends on it; because it does.
- It is beneficial to a company when they leverage diverse teams to solve problems collectively instead of individually. This helps the employees in creating better products and experiences in the process.