5 Traits of Truly Innovative Companies - InformationWeek

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1/8/2018
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Lisa Morgan
Lisa Morgan
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5 Traits of Truly Innovative Companies

When most people think about innovation, they think of companies like Amazon, Facebook, Apple, and Google because those companies appear to have some kind of magic that other organizations lack. If your company wants to make lightning strike repeatedly, consider these points.
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Be Agile

Image: Pixabay
Image: Pixabay

In today's dynamic business environment, companies can't afford to be complacent. If they are, they run the risk of becoming irrelevant.

"Successful startups have the ability to pivot ever so slightly, not stick one's head in the sand and fixate on a singular strategy. If you look at successful companies that became big companies, their original plan and what they became can be quite different," said Conrad Burke of Intellectual Ventures and head of ISF Incubator. "The most important thing that generates success is the ability to learn and adapt quite quickly to the market and you have to execute."

IFS Incubator has a vast IP portfolio and a network of rock star entrepreneurs. So far, the lab has launched 15 startups that employ 400 people. The secret sauce is a mix of people, technologies, mentorship and access to an 87,000 square foot lab. ISF Incubator and its incubated companies focus on "megatrends" including autonomous cars. Burke said the challenge and opportunity is to foresee megatrends that may not require a product or service today but will need that product or service a couple of years from now.

Lisa Morgan is a freelance writer who covers big data and BI for InformationWeek. She has contributed articles, reports, and other types of content to various publications and sites ranging from SD Times to the Economist Intelligent Unit. Frequent areas of coverage include ... View Full Bio

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