Looking at what the future holds and despite last year’s situation, businesses will recover and continue as long as they prepare for innovation. They are Agile and focus on executing a new emergent strategy. We have seen previous business interruptions such as the Asian financial crisis in 1997, the US 2007 subprime mortgage crisis, the 2009 swine flu pandemic, the 2009 European sovereign debt crisis, and many more local disruptions to business. Yet, the solid and opportunistic survived and succeeded. The difference today is the need to focus on digitalisation. We have seen how quickly governments responded to digitalisation during this pandemic, with many retailers switching to online platforms and apps. The ones who didn’t move fast enough fell.
I’m sharing a plan for combining disruptive strategy, a subject coined and lectured by Clayton Christensen, coupled with Agile principles developed in project management for software development, which can be re-engineered slightly to be used in business strategy. An alternative way to execute a plan. This is a small part of the Transformation Management Office (TMO); however, in another article in a few weeks, I would like to share the other aspects of TMO that focus on innovation and design thinking. It was a little too much for one piece.
As Chief Transformation Officer and heading up the Transformation Management Office (TMO), the department is relatively new to many organisations. It has only been introduced over the last few decades, and most companies have yet to acknowledge it as an independent department.
The Change takes us to places unknown and requires us to learn new things. In learning, we often fail, embarrass ourselves, and suffer discomfort as we leave familiar routines and beliefs behind. The most challenging aspect of the TMO is getting buy-in on change.
Companies such as Google, Apple and Amazon are the Transformation Management Office pioneers and are now the backbone of keeping them on top of their markets. TMO is set to become a standard business element in surviving the ever-changing needs. TMO is still young; however, looking at the leading companies of the past two decades, it is clear that it is a crucial organisational capability for the long-term success of the future business.
Take Toyota as an example for you. It has been driving innovation for decades and is the pioneer of Lean and Agile principles (a great read I can recommend is the book by Jeffrey Liker, The Toyota Way). Innovation was a priority for Toyota, and during the 1990s, Toyota started an innovation project called G21, whose goal was to conceive a car for the new century. The project team involved the researchers, engineers and production team. The term ‘eco-friendly’ came out as a central focus, and the target was to double fuel efficiency, which was only achievable with a hybrid engine. So, the ‘Prius’ (meaning superior) was introduced. After the launch, Toyota achieved five times the volume of Prius orders than initially forecasted. Toyota’s hybrid system is now installed in over 10 million cars and licensed to other manufacturers. Today, Toyota is working on the hydrogen-fuel-cell car ‘Mirai’ (future). This is disruption and transformation at its finest.
Google is another example and is always looking for innovation in every sphere. Google focuses on users, not competition and the drive for continual innovation. Google has an internal policy that 20% of employees’ work time should be dedicated to innovation, named “Innovation Time Off”. Some 50% of Google products originated from the “Innovation Time Off”, including Gmail, Google Earth, Google News, AdSense and Google Glasses – even though the public rejected the idea, its essential functions are still deployed through alternative products of smartphones, computers, google maps data, and so on.
So, what is the Transformation Management Office (TMO)? TMO drives complex, disruptive change initiatives and encompasses the creation of business improvement initiatives. It adapts the organisation’s value proposition and business to global trends and understands societal, digital technologies and demanding stakeholders’ needs.
Why is TMO necessary? Change is inevitable, and growth is optional. TMO brings vital strategic initiatives to deliver performance improvement and competitive advantage. It manages project complexity that has a disruptive impact on the business. Many transformation efforts can succeed with the TMO if they are correctly and exclusively managed as unique initiatives.
Let’s start by talking about disruptive strategy. What does the future look like, and are there doubts about your business model? Waves of disruption are already rolling in; megatrends are approaching fast, from new advancements in your sector to technological trends changing consumers’ habits. The dynamics of markets and society are utterly different to those of 5 or 10 years ago, and it’s time to look at what is causing the disruption. Even after the tech bubble burst, certain apps are disrupting industries. Take Waze, Uber, Airbnb, Netflix and Deliveroo as examples.
Disruptive innovation is reinventing a technology or business model or simply inventing it together. Everyone has heard of disruptive innovations but most likely only considered them disrupters or new concepts once you hear the above names. Disruptive innovation creates opportunities to enter new markets and values to disrupt existing ones. People’s habits change, and businesses need to adjust. For example, some ten years ago, hotel chains would have only considered that a company with bricks and mortar would become an accommodation leader, Airbnb. These disruptors have quickly taken markets and changed the perception of the incumbents’ value.
These megatrends are reshaping the business climate and impacting every sector. The fundamental changes of global disruption, such as urbanisation, shifts in global economic power, social change and technological breakthroughs, are colliding and reshaping societies, economies and behavioural norms worldwide while simultaneously redefining specific industries. The core driver behind these impacts is technology, from artificial intelligence to virtual and augmented reality to autonomous cars or delivery drones.
This effect creates a new pathway for individuals, businesses and governments. Just think back to a company like Apple; what did they know about watches? Yet today, they are a leader in selling watches. Look at a company such as Google; what do they know about cars? Yet, pretty soon, we will see Google, Intel, and Nvidia be the leaders in autonomous transportation. What will happen to the incumbents like BMW, Mercedes and Ford? It is similar to some years back when computer hardware was developed and sold by companies, but when you could buy parts and build a computer, what did you need? The software. Soon, we will have cars developed by Louis Vuitton and Burberry. You get the luxuries in hardware, but the software will be Tesla, NVIDIA or Intel. It’s a prediction, but let’s wait and see.
The understanding and theory of disruptive innovation prove to be a new and powerful way for innovation-driven growth. Many leaders of small, entrepreneurial companies praise it as their north star, as do many executives in large, well-established companies. Unfortunately, many people who speak of disruption and how to overcome it have not studied the subject or even read an article on principle to understand the basic theory. Too often, the term is used loosely to describe the concept of innovation in support of what they wish to achieve. Many people use disruptive innovation to describe a situation which has caused a shake-up in their previously successful business model. But that’s far too broad a use. Most can’t define disruption and merely blame rather than consider the options. Why is Louis Vuitton not considering investing in Autonomous vehicles, or at the very least, partnering up with an incumbent to develop an autonomous vehicle? Or, who knows, maybe they are in discussions.
To explain disruption, it describes a process whereby a smaller company with fewer resources can successfully challenge established incumbents. This is achieved by successfully targeting those products or services with overlooked segments and gaining a foothold by delivering more suitable functionality. Incumbents chase higher profitability in more demanding details, allowing entrants to move into the sector by providing the performance that incumbents’ mainstream customers require while preserving the advantages that drove the incumbent’s early success. Think about which car companies are not developing as fast as their competitors in autonomous driving. Let’s look at the slogans of these companies. They are not changing fast enough to the surroundings, meaning their vision is still archaic. BMW – They went from ‘The Ultimate Driving Machine to ‘Sheer Driving Pleasure’ – in 10 years from today, no one will be driving; we will probably only be passengers. Lamborghini – Follow your ears – Soon, cars will have no noise, only the hum of an electric motor.
In understanding the nature of disruption and the gaps in your business model for disrupters to enter, all companies need to monitor and interpret the often very faint signals of forthcoming disruptive impacts. Then, your company needs to apply these insights to tackle potential challenges with genuinely innovative thinking.
The key is to start with strategic responses to disruption by actioning defensive moves to ward off risks and proactive innovation to seize opportunities. However, one must ensure transformation across multiple dimensions to be effective and respond quickly to disruption. It’s about changing or reinventing your operating model. This could mean taking a new look at fundamental elements, including your product and service offering, customer experience, assets, technology and skills. You may even consider looking outside your company structure to collaborate or co-create with other individuals or companies to remain innovative.
The challenge with disruption is that it requires innovation. Incumbents can spend millions of pounds on R&D and still never innovate. So, the hunger of entrants to achieve by targeting the smaller segments that incumbents ignore becomes the challenge. The dilemma for the one who innovates is the challenging decision that any company will face when it has to decide whether it holds onto an existing market by doing the same, yet slightly better (sustaining innovation), or by capturing new markets by embracing new technologies and adopting new business models (disruptive innovation).
To advance the innovation within a company while creating a long-lasting business advantage and aspire to achieve both revolution and evolution. More importantly, disruptive and sustaining innovations do not necessarily need to be alternatives but complementary.
Disruption taking time explains why incumbents, on many occasions, overlook disrupters. I have seen this time and time again in the hospitality sector. We thought there were enough burger joints with all these prominent incumbents, yet new burger brands continue to pop up. Similarly, the same applies to the coffee sector. At first, the theory of disruptive innovation was simply a statement about correlation whereby incumbents outperform entrants in a sustaining innovation context but underperform in a disruptive innovation context. The understanding of this correlation is only sometimes evident. Usually, a company’s natural tendency is to make some strategic changes profoundly affected by the interests of customers who provide the resources the business needs to survive. Incumbents most often listen to their existing customers and continue to focus on sustaining innovations. Unfortunately, the same forces lead the incumbents to ignore the early-stage disruptions and not see the disrupters coming to disrupt.
To avoid disruptive entrants into your market, companies must consider creating an independent division that seeks to develop and exploit a new disruptive model that operates under the protection of senior leadership (hidden message to the CEO). Yes, this needs a budget and resources. However, the options are to invest, disrupt, sustain, and be disrupted. Most often, this works, and yet sometimes, it doesn’t. Sometimes, a failed response to a disruptive threat cannot always be attributed to a lack of understanding, financial investment, or insufficient executive attention. On many occasions, the innovation created may not be suitable for your business model but can be perfect for a light-operating business to persevere. This is something I have witnessed many times in the food and beverage sector, whereby restaurant groups expand their portfolios and move into either a higher or lower level of concept to what they are accustomed to break into a different market segment but fail to succeed as they attempt to implement the same procedures, protocols, marketing & operations strategies, which they have used previously. We have witnessed this with airlines trying to add a budget carrier to their portfolio; however, with their current high overheads in operating the portfolio, they cannot make the budget carrier profitable.
If you are considering making disruption part of your strategy, add an extra element by applying Agile methodology and principles, which originated in the software development industry as a new and efficient way to execute a project, and customise this to a more strategic business model approach. The need to stay aligned and quickly adapt to the changes within the business’s goals is of priority to any successful strategy execution. However, there needs to be clarity about where to apply Agile to advance the organisation’s goals and deliver real business value. Switching without a strong focus will not benefit anyone; therefore, it is essential to understand the business’s purposes to maximise Agile’s effectiveness in your organisation. This is another word that is loosely thrown around the organisation. Everyone nods, accepting that they are running an agile organisation, unthinkingly missing all the bureaucracy and red tape that slows innovation. The amount of Authority Matrix I have seen with more than five layers of sign-off for a straightforward objective is unbelievable.
Agile work methodologies have changed how project management offices deliver results to their organisations, and many have evolved to handle project management across many sectors and markets. With that track record, it’s no surprise that the next great frontier for many businesses is to consider applying these Agile principles at the portfolio level to enhance strategic decision-making, deliver more excellent value internally and externally and improve overall performance.
With Agile as the approach, the best way to implement these principles is by applying them to your teams, projects, and strategic initiatives using the correct tools for executing and managing the process. Below are the Agile Manifesto principles.
The Agile Manifesto principles are:
I mention using these principles via a strategic approach to look at product delivery rather than software from a business perspective. To achieve success, the strategy must deliver products rather than projects. You will hear this phrase often in the project management sphere, and it’s probably a little unclear precisely what it means. Remember, it is not the job of a PMO to deliver projects! We are not dumping projects into the garbage when discussing providing products versus projects. Instead, we describe a shift in thinking and execution during portfolio management.
The Agile product delivery model was developed to keep up with the fast-changing technologies, keep a competitive edge, and offer better customer value in the software industry; in the world of software development, strict adherence to a structured plan and clear timeline means that you would more than likely deliver your project within budget and on time.
Many fundamental models have evolved over the years. They may have started in one sector, and the model is adjusted to suit other sectors. This is what is being proposed. Take Kaizen as an example. It is a philosophy of continuous improvement that provides an approach to align and engage the people who do the work and quickly identify and implement any rapid improvement opportunities. This was a structured approach to address continuous improvement, and a new perspective was added by merging the Deming Cycle with the Scrum approach. Ken Schwaber co-developed the Scrum framework with Jeff Sutherland in the early 1990s to help organisations struggling with complex development projects. Ken Schwaber was also one of the signatories to the Agile Manifesto in 2001, and he subsequently founded the Agile Alliance and Scrum Alliance.
With a product delivery strategy, your portfolio manager can use the iterative nature of an Agile method to make changes, shift goals, increase or divert investments and make improvements, all with the end goal of delivering more value to customers, stakeholders or those who stand to gain from the results. Agile measures progress with milestones instead of task lists, and the path to the finish line can follow more than direction depending upon information, data and feedback. This may be better for some projects, but those more strategic or exploratory will find this a better way to achieve the desired result.
An Agile resourcing strategy allows you to know at what stage the team is at and its milestones. Managing resources in an Agile environment ensures everyone is deployed to the right job. This includes assigning and monitoring the group and measuring the results.
Other tools, such as Kanban and workflow, work well with Agile if implemented correctly. Taiichi Ohno, an industrial engineer at Toyota, developed Kanban, which uses visual cues to prompt the action needed so that a process keeps flowing. Kanban flourishes on visibility, sprint-like workflow and efficient management. For those who have yet to look into Kanban, plenty of online resources can help. The move to Agile is beneficial; however, proper governance must be implemented. Control ensures output quality doesn’t get sacrificed for speed or efficiency’s sake, and more moving parts accompanying Agile do not devolve into lost momentum or frustration.
The Agile description is long-winded. However, the detailed description of Agile allows you to consider and grasp how a disruptive strategy can be implemented seamlessly. Consider this: you create a fantastic innovation in your industry that will disrupt the market and ensure that your company maintains its position at the top. The stakeholders accept your idea, and your budget is approved, yet you fail to deliver this due to the lack of planning and executing processes. We have seen this repeatedly, where projects become shelved due to the lack of buy-in from colleagues and business units, not due to the deficiency of buy-in from the stakeholders. This challenge has commonly emerged due to the undefined roles, responsibilities, timelines and set milestones. I can’t tell you how hard I have tried to do something as simple as have teams collaborate on software such as Monday.com to launch an initiative, with some people wholeheartedly refusing to use it solely because they don’t understand the importance of project management and what the side effects of being disrupted truly means.
Part of ensuring a smooth workflow lies in developing and managing processes. From a Kanban and workflow standpoint, Agile Portfolio Management can implement manageable amounts of procedures. However, these processes must have effective governance and maintain agility. To balance this, an organisation must rely on automation to scale the operations and apply governance measures. The more the project manager can automate, the more efficient it will be. This is something that is being worked on in my current organisation. Automation is critical to the process to reduce planning time and ensure accuracy. The right tools to help you manage this will make a big difference. Workflow models and Kanban ensure that workflows are succinct and streamlined.
Reporting is another critical area to implement Agile to ensure visibility and transparency for all stakeholders and team members. By creating one centralised point to gather all information into a single source of truth, the teams can see information and status in real-time, hence why I mentioned the need to use collaborative software. In addition, reporting with real-time dashboards allows the project manager to track progress, milestones, and capacity at any time and make decisions that benefit the strategy.
How could you put this together in executing your strategy? Understanding disruption to avoid entrants into your segment and consider becoming the disrupter rather than the disrupted whilst combining Agile principles to ensure planned and structured execution are the foundations of executing your new emergent strategy.
Every year, many business leaders, executives and entrepreneurs develop great ideas. And every year, they spend many hours developing and re-developing detailed business and strategic plans. Unfortunately, these efforts often go nowhere as they fail to follow through on their well-thought-out plans. In addition, many believe that strategy must stay the same. There is a difference between a deliberate strategy and an emergent strategy. If, in 2020, decision-makers and senior leaders did not understand the need for an emergent strategy, they genuinely need to consider their future.
To properly execute a plan, one must focus on three core areas: people, strategy and operations. Managing correctly is a disciplined process. It is a logical set of joint organisational activities to make the strategy work. The problem is when you focus on fires instead of executing the plans. Most fail at execution due to needing to build a solid framework or methodology, hence the need to think Agile. Executives must connect their strategy to the individual goals of each team member and ensure the plan has milestones, key performance indicators, responsibilities and due dates; I cannot stress this enough. All of this is coupled with dashboards to measure the results continuously.
In addition, one must set clear priorities. You may fail to implement a strategy if you put too many priorities. Establishing one priority at a time and supporting initiatives is imperative. The critical importance drives the supporting initiatives. For example, a focus might be to add a new brand to your portfolio. The supportive industries could be hiring a new team, initiating a marketing plan and sourcing real estate. Having fewer priorities is problematic if only one gets focused on them. More than likely, they will eventually all fail.
To execute the plan, collect and analyse data. You must specify measurable goals in the strategic objectives. Once the planning process is wrapped, the document might be placed on a shelf and not revisited for quite a long time. The key to ensuring that execution stays on top of results is to develop key performance indicators that can be measured and monitored continuously. Now, you probably see the reason for the longwinded message above in discussing Agile to align it with disruptive strategy. Your team must procure operational data related to these indicators and evaluate results on schedule (daily, weekly, monthly or quarterly).
The executive team should evaluate what’s working and not working to focus on the processes that enhance them and boost performance. Then, with the failing methods, they should determine the immediate adjustments to prevent further deterioration.
What is most important is to keep scheduled and regular meetings. Team members need continuous communication to meet the set goals and objectives. Over time, the teams, and even the innovator, can veer off course. This will lead to poor results, which can disastrously affect an organisation. To ensure that the entire organisation keeps in sync with the vision and strategic plan, the team must meet regularly for different update meetings. Use Agile principles and collaborative online software to keep all projects alive and traceable.
A daily pow-wow should occur within working groups at the start of the day and last between 15 and 30 minutes. This is a practice I do with my team, which ensures constant information updates and open communication. Such daily meetings aim to ensure that everyone is on the same page and that we are all aware of the essential and most recent developments in the business significant critical and most recent developments.
The pow-wow can provide quick updates specifically tailored to the group. The strategist or innovator can oversee these meetings in small companies; however, I suggest these should be departmental pow-wows in larger organisations.
Also, you’ll need to evaluate the strategy regularly. The executive team and key management personnel should meet monthly to assess the strategic plan’s progress. These strategic meetings should be structured, in-depth, and designed to determine if changes are required. They should be minuted with crucial action plans and timelines/due dates set.
The periodic strategic meetings should discuss strengths, weaknesses, opportunities and threats of the strategic plan’s execution. This will help the executives and leadership team determine if the strategy’s direction, in light of any changes within the organisation, economy and industry, will impact the end goals. These meetings must highlight the strengths and bring to the forefront the opportunities whilst mitigating weaknesses and threats.
The business leader and innovator can also wield another important tool: a one-page strategic plan. The strategic plan’s essential vital elements can be documented in a one-pager (a recent addition to my knowledge base, the care of a seasoned executive business professional with whom I have had the pleasure to work recently). This can be given to all team members to keep the company aligned with the goals. A benefit of sharing information is that team members can contribute to the organisation’s overall success and feel excited, motivated and engaged.
However, the business leader/innovator must be careful that the one-pager doesn’t disclose company secrets and other intellectual property. Please ensure a thorough review of the one-page strategic plan before its release.
A brilliant strategy, blockbuster product, or breakthrough technology that will disrupt the market or your industry can put you on the competitive map; however, only solid execution can keep you there. You have to be able to deliver on your intent. Unfortunately, by their admission, most organisations are not very good at doing that. Execution results from many decisions made regularly by team members acting according to their information and self-interest. This is where HR and the people development department need to be actively involved.
Most organisations make the crucial error of going right to structural measures by moving lines around the org chart to improve performance. This seems the most apparent solution because the changes are visible immediately. However, these steps generally only reap some short-term efficiencies quickly, addressing only dysfunction symptoms and not the root causes. Companies will end up in the same place where they started many months later. Transformation comes with a planned structural change that can and should be part of the path to improved execution. It is best to consider it the capstone, not the cornerstone, of any organisational transformation.
We see the same mistakes over and over again. Strategy execution is challenging, but executives and business leaders often make it even more difficult. Just because you huddle together and communicate, this does not equal execution. Many people often assume that once they have displayed and shared the organisation’s strategy and plan, that execution will happen automatically. I can’t stress enough the need to set goals and develop milestones and responsibilities whilst maintaining clear communication and collaboration.
On many occasions, executives and business leaders choose some quick wins when executing the strategy because they believe that showing success with small steps will build momentum to complete the entire plan. However, the most accessible activities might not be the most valuable; hence, the need to take time out to develop a solid and planned strategy with the board’s or stakeholders’ support. Strong and effective leaders understand the process but do not prioritise actions, and they do not halt the team from executing the least essential initiatives. The adage “what got you here won’t get you there” holds for many organisations adjusting to market conditions. The failure to recognise that some skill sets are no longer required while some new ones are essential can severely limit execution progress, especially regarding automation and digitalisation. Everyone has no doubt read the blockbuster/Netflix history. Remember this next time you say no to an initiative or strategy. First, try and understand, research, and see how it can impact your business.
Firefighting and the immediacy of daily operational issues can challenge a leader’s focus on executing the set strategy. Even when initially aligned, key stakeholders diverge over time in execution, which we have all experienced at some point, leading to scattered focus and results. However, successful leaders who execute strategy well will proactively maintain alignment over days, weeks and even months during the execution activities.
A leader focused on “Checking the box” on a project plan may miss the triggers to adapt actions to respond to market shifts and customer changes. For example, suppose there is no clear accountability for strategic results, scattered decision-making, and a lack of independent ownership. In that case, this can undermine or lengthen the time to deliver strategic results.
Too often see strong and capable leaders struggling with the abovementioned challenges. Leaders work because execution is brutal: business opportunities aren’t easily defined, and team members digest and process information differently. The strategic trade-offs are often weighed against a range of divergent criteria. History is littered with examples of organisations that hit severe growth stalls because of strategies based on flawed assumptions about customers, competitors or internal capabilities. Clarity is critical to avoid surprises during the execution, reducing the manager’s ability to monitor uncertainties and respond accordingly.
To execute correctly, clarify and test all the relevant assumptions, one must use mechanisms to identify and challenge the strategic assumptions so your organisation can avoid unanticipated issues that derail implementation. For example, many larger organisations typically conduct strategic planning sessions to ensure everyone involved is aligned with the plan.
The business leaders must focus on the planning process on vertical alignment between the corporate office and the business units and ensure horizontal alignment across the business units and functions. Suppose the people on the ground in the business units need to be made aware of the strategy, and it needs to be communicated effectively. In that case, there will be the emergence of constant confusion. Hence the need for the ‘one pager’. Objectives and roles must be clarified for those in the business units tasked with executing the strategy at the business unit level. The industry can shift between your strategic planning cycle; therefore, continue to validate assumptions and the strategic plan. Without an effective system to monitor the strategy’s performance, organisations may execute the wrong method for months — or even years — before correction.
To ensure that the plan is managed promptly, use performance management systems so team members are accountable for key metric goals. The executives must hold regular program reviews to determine any underperformance due to a lousy market assessment, wrong strategy or poor execution. To effectively implement a new system, team members must understand and support it before and during implementation. To overcome this, the need for a cohesive communication strategy is required. Without it, team motivation goes down, and resistance increases, increasing the cost of execution or failing to execute the plan due to the lack of buy-in. This is where the marketing and PR team step in. An internal PR program is as essential, eventually becoming external as you begin to illustrate the results to the public—something I have constantly harped on about and probably driven my team crazy.
To overcome these challenges, the corporate office must engage key team members in the business units with targeted communications to win support for the strategy. For example, start a two-way dialogue or create an internal PR playbook to keep employees on board and actively engaged in achieving the company’s objectives, like an internal LinkedIn or Facebook that keeps communication open and engaging.
The transformation office must locate areas where the organisation needs better coordination to execute the strategy. The net result of poor coordination will become a more significant issue. Through increased cross-organisational dialogue and careful mapping of interdependencies, capacity conflicts can be identified before they occur.
Why should all the projects go through TMO? First, we create a single source of truth. The TMO coordinates and directs the plan’s activities to ensure that all strategic items align with the organisation’s overall objectives. The TMO provides a transparent view of what flows through the pipeline and is a central record of the progress of each initiative. Tracking and approving all initiatives through a structured stage-gate process allows the TMO to spot potential conflicts or overlaps among work streams and remove the bottlenecks.
In conclusion, disruptive trends and innovations are an essential focus for organisations looking to remain at the top or surpass their competitors to reach the top. Disruptive technologies entail new technologies, constantly changing the market and industry to create a new way of doing business.
Disruptive technologies arise from product and service developments, as mentioned by Airbnb, Uber and Deliveroo, to name a few, that seek to create a new product or service where a gap exists in the changing market. A hole that previously was not there. Innovations are a complex process, and it is difficult to predict; however, the investment and focus needed for organisations in the future will be a must. Innovations may not be profitable; however, this foundational idea may lead to many developments.
It may also prevent many incumbents from following up on their innovations if the start-ups have only this focus. Historically, many incumbents have looked at start-up innovations as a small market share and paid little attention. However, it would have proven beneficial if the incumbents had invested in these. Just imagine if one of the larger hotel groups had invested in Airbnb or one of the large QSR brands had invested in Deliveroo during start-up. Their business would be far different today.
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