Startups are showing the big entrenched organizations that they need to change and come up with something more innovative or they will be left behind. In recent years, Fortune 500 companies have started to shrink and fall off the list, being replaced by disruptive startups. Large companies see how the world is changing. We are more connected and the speed of evolution is accelerating.
Two companies that realize how this new space has impacted them are Lego and Oracle. However, as Lars Silberbauer of the Lego Group and Reggie Bradford of Oracle noted during their chat at Startup Grind Europe, the changes have given them the inspiration they needed to break through the blocks and innovate
While the barriers are changing for Lego thanks to reaching out to startups and other companies that have provided valuable insights, their well-loved primary product has remained intact. Innovation has come through other changes that have made the brand more relevant to audiences around the world.
It’s also meant moving into new areas like digital, expanding revenue avenues and reaching new customers through movie and television content, games, and apps. At the same time, they have updated their core product by partnering with known movie and game brands.
According to Bradford, Oracle has had to do the same by thinking more like a startup despite having 140,000 employees around the world. Partnerships with other organizations and startups through their accelerator program has taught this old dog new tricks.
The conclusions both reached are that change must come from within, relationships are everything, and a focus on identifying the big problems out there are key ways to break through any blocks in innovation. To learn more about what they have put into action, watch their chat here.