The measures through which incumbents can inculcate the start-up culture to drive agile innovation, are:
- Keep consumers at the heart of every decision
- Increase direct-consumer interaction for the c-suite
- Define area of play using analytics
- Reduce product turnaround time by at least half
- Foster innovation-led culture
- Set up monthly innovation day for leadership
- Organize a focused internal disruption team
- Diversify leadership and board to include young leaders
- Design lean organization structure
- Design locally empowered lean teams with shared objectives
- Cut down on review iterations and block common decision-making time
- Break the silo style of working between functions
- Develop a flotilla-like operating model to support multiple niche brands
- Develop a portfolio of many smaller brands and effectively track performance of each brand
- Redesign channel partner relationship for the new environment
- Provide a central ecosystem to the flotilla of brands
- Invest with long- term vision
- Set different performance tracking metrics for a start-up brand compared to an incumbent brand
- Set up an internal venture capital arm or an accelerator/incubator
- An acquisition is not complete until it is successfully integrated
Note to Editors
The survey covered close to 100 consumers across cities, age-groups, and income brackets. As part of the survey, interviews were conducted with select consumer start-ups and large consumer product companies.
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