"But big, established businesses have a different common issue. They're too big, too established, and being outcompeted by the very companies that are hiring their talent. Right now, it's the hare and the tortoise - but slow and steady isn't winning the race this time. Established businesses need to take a page out of the startup playbook and hire for the C-suite from competitors - the startups."
"For example, bureaucratic silos at IBM led to budget fights and leaders focusing on protecting mainframe revenue instead of aggressively pivoting to cloud computing. Competition raced ahead. Large businesses are far too slow to innovate. Stuck in an "if it ain't broke, don't fix it" mentality, they aren't chasing new products, markets, and technologies fast enough to stay competitive. This was the case for Kodak, which clung to the once-lucrative film business for far too long."
"So, what's the solution? Big businesses need to hire boldly. They must put their faith in tech entrepreneurs and bring them into the C-suite. Startup leaders can conquer the groupthink that currently infects the boardrooms of most established businesses, where executives are often hired from the same industry and from other large, incumbent businesses. These leaders can act like disruptors, bringing in new ideas and a culture of experimentation"
Larger, established businesses are often sluggish, bureaucratic, and addicted to legacy systems, leaving them unable to chase new products, markets, and technologies quickly. Bureaucratic silos can cause budget fights and defensive leadership that protects legacy revenue instead of pivoting to emergent opportunities. Historical failures include companies that clung to older business models and missed disruptive shifts. The rapid proliferation of AI and small-team innovation increases the threat from agile competitors. To respond, established firms should hire startup leaders into senior executive roles, injecting entrepreneurial mindset, breaking groupthink, and fostering a culture of experimentation that accelerates strategic pivots.
Read at TNW | Ecosystems
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