Startups vs. Corporations: The Race for Innovation
Startups and corporations are often examined side-by-side. It is a classic tale of new versus old. What leaves a company better positioned: years of experience or a clean slate ripe for risk-taking? In terms of innovation, startups may just have the upper hand, according to Entrepreneur (June 7, Li). While bigger companies often have more rigid structures in place, the beginning nature of startups makes way for more flexibility and agility. However, pioneering a new idea in an arena of big dogs can be daunting. Here are some tips for startups looking to capitalize on this edge and break into any given market:
1. Define your own Big Mission: Entrepreneurs need to define their long-term missions from the start. By creating those objectives at the onset, they can better ensure their moves along the way align with a bigger vision.
2. Use Startup Agility to your Advantage: Startups are smaller than large corporations, and this allows them to be more responsive to sudden changes in the market. Corporations have more established processes and products, which can limit flexibility and innovation.
3. Top the Original: To break into an established industry, you need to have a deep understanding of the market and the demand. Startups looking to shake up the scene must be better than the best to truly take off.
4. Lean on the Pros: While startups are in a unique position to take more bold and innovative actions, corporate leaders have something they don't: experience. Startups looking to burst into any market should actively seek out the mentorship of seasoned pros.
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