How Established Companies Can Leverage a Startup Approach to Innovation

Insight’s Steve McPhilliamy reveals a winning formula for companies to gain a competitive advantage in Medical Design Technology Magazine!

MDTCharles Darwin said “it is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.” In today’s business climate, agility is perhaps the greatest asset a company can have. However, when corporate structure, not core user needs or evolving technology, becomes the driving factor behind decision making in whether to make updates or shifts in approach, companies end up stuck, locked in a self-fulfilling prophecy of devaluation. The companies that are designed to rapidly pivot in response to change have a clear advantage in the innovation space.
This is precisely where startup companies have a competitive advantage to large corporations. A broad view of the optimal startup approach, from hypothetical solution development to beta prototyping highlights key milestones and steps along the innovation path that large companies can also leverage to their competitive advantage.
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