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Large firms are typically known to fare poorly on business innovation metrics. This could be due to variety of reasons such as complacency in their existing success or fear of cannibalizing product that is doing well. Some feel that perhaps they do try to innovate but fail at it due to antiquated methods being followed. However, a study conducted has clearly confirmed that quite often older, big firms do have the inclination towards creative impulses yet are held back due to wrong choices or stages. In order to excel at such innovations, it is essential to be a technological leader. A notch below may lead to desperation for developing the ‘next big thing’, in pursuit of which failures may abound. That is why it is necessary that firms realize this may not be the right approach, instead an analysis must be made on reasons for failing to innovate. Innovations are expensive and often led to failures, but such failures must not be punished as they discourage the innovators. Instead companies such as Apple and Google have created an atmosphere where risk taking is encouraged, and failures are used as learning tools.

Source:https://hbr.org/2016/10/when-big-firms-are-most-likely-to-innovate

 

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