In 2022, companies are operating in a highly competitive climate. Artificial intelligence, Industry 4.0, Blockchain Technology, Quantum Technology, and 3D printing are trends that need businesses to innovate to stay relevant constantly. However, rather than developing new ideas and expanding into new industries, many firms are concentrating on their present areas of expertise, streamlining procedures and income streams in areas of proven success.
According to S&P 500 lifespan report, 88% of the firms in the 1955 listed Fortune, 500 companies are no longer on the list sixty years later because they were amalgamated, were purchased, or - in most cases - declared bankruptcy or are no longer prominent (Perry, 2014).
Hence, every firm should follow a two-pronged strategy: utilizing and optimizing existing products while leveraging innovation as a foundation of long-term development and profitability. A simple yet effective method for speeding innovation is to use a company's current resources: its people. To know how to improve with DT and TSI employees, I did an internal survey where I try to understand current practices and employee’s expectations of Internal Innovation at DT and TSI. The responses were instrumental for the framework creation. People are the change makers; organizations and governments need to facilitate the idea by providing easy infrastructure to motivate the process.
Larry Page, would sit down with engineers and give them projects. When he sat down with me and said, “we want you to build an email something.” That was all the specification I got! So I went off to build something with email, which became Gmail.
Paul Buchheit, Gmail creator