We met Rasmus for a chat about how startups are innovating – and how larger companies can learn and benefit from the way startups are running their businesses.
- What can larger companies learn from the way startups are innovating? “Larger companies used to be startups, and likely grew due to their ‘startup mentality’. In order to stay competitive, it is of key importance, also for larger companies (the incumbent) – just like the disrupter, to keep innovating and challenging the status quo – to be curious, to find new ways to adopt technological opportunities and build an innovative company culture. To win market share and to develop the products of the future, and maybe even create a new unicorn, requires a winning mindset and culture characterized by ambition, a willingness to take risks, accepting failures and a focus on scale-up. Larger companies can definitely learn from what the best startups do so well – being agile and responsive, questioning the status quo, embracing change and rewarding disruptive thinking. That is becoming an organization that embraces radical innovation and change.”
- What is it clients usually struggle with? “While a lot of clients are familiar with their industry today, I believe many clients find it quite difficult to see which business models will thrive in the future, how their industry most likely will be disrupted and how to respond intelligently to the fast changing technological and business environment. The world is changing at a speed we haven’t experienced before due to e.g. exponential technological changes such as artificial intelligence and augmented reality. The quickly changing world makes it tough for a company to know exactly how it should be positioned, where it should invest and how it can stay innovative to stay competitive with a sustainable and profitable competitive advantage.”
- How can we help clients embrace these changes and stay competitive? “As a partner we should help clients foresee the future and help innovate in order to maintain a right to win in the market. I am sure we can assist companies in not just reacting defensively to change, but to embracing and driving change proactively – something that requires an experiment-focused culture willing to invest, to take risks and create space to incubate and develop the ideas necessary to drive change both internally and in the market. Through bringing knowledge about exponential technologies and how they can benefit a company, by bridging the gap between corporates and startups and by helping in spurring discussions on new business models and technological change, we can assist clients in maintaining a right to win in ever-changing markets. This is something I find very fulfilling, as I thrive when I see our advice help our clients succeed.”