[New post] Lightbulb Moment: Big Business Needs “Mini-Edisons” To Drive Invention

marketingscoops posted: " (Original Caption) Thomas A. Edison exhibits a replica of his first successful incandescent lamp, ... [+]Bettmann Archive With artificial intelligence, particularly generative AI, sweeping the world, we are experiencing a ne" https://onlinemarketingscoops.com Lightbulb Moment: Big Business Needs "Mini-Edisons" To Drive Invention marketingscoops Apr 29 (Original Caption) Thomas A. Edison exhibits a replica of his first successful incandescent lamp, ... [+]Bettmann Archive With artificial intelligence, particularly generative AI, sweeping the world, we are experiencing a new era of founder-inventors - a new "Gründerzeit," as the Germans call the last decades of the 19th century when inventions like modern railway systems, modern finance, and the automobile transformed society. Today, a wave of inventions are appearing overnight, sprouting like mushrooms from recent advancements in AI and led by founder-inventors whose names will go down in history as did their predecessors like von Siemens, Edison, Pasteur and Benz.In such an era, how do established companies keep up? The upstarts are founded by visionary individuals who are willing to take risks and challenge the status quo. But established companies are often hindered by legacy systems, outdated thinking, and a fear of failure. What's needed is some corporate therapy to help break old patterns. Every large corporation has unexplored opportunities, potential for new growth and revenue streams, and surprising pockets of start-up minded talent, but senior management must be willing to embrace risk on the path towards invention. That's hard to do. Instead, leaders of mature companies often focus on incremental improvements to existing products, leaving their businesses vulnerable to disruption. Innovation requires a vision that borders on obsession to disrupt entire markets. Most of all, it takes trust – a willingness by senior management to let go and allow others - junior employees or outside consultants, product managers, engineers, designers - to experiment with ideas, building and iterating with users, and validating along the way before proving it's foolproof on day one. But the potential rewards are enormous. It also requires a financial commitment. Real change cannot be achieved without a serious investment so businesses must be willing to put their money where their mouth is. Continue reading.... Sylvain Duranton Sylvain Duranton is the Global Leader of BCG X and a member of BCG's Executive Committee. BCG X is the tech build & design unit of BCG. ... 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