This column is authored by Vikram Upadhyaya, Founder of GHV Accelerator
A number of unicorn companies have been reforming and downscaling research and development efforts. Many huge companies seem interested in investing in and producing new products, instead of counting on smaller startups for innovation and invention that they can purchase or authorize.
Company owners and CEOs find themselves watching well-constructed office models, but are not even close to developing new products and services. Instead of perceiving customer’s comprehensions from their conduct, the company’s innovations are delayed, in order to handle the task force and meeting agendas; processes are getting in the way of progress. The jump in technology and demands has augmented, to a level where being big is becoming an obligation, and supervising cost prices and efficiency is no longer a sufficient strategy.
Startups are successfully innovating and renewing; not just in fresh diligences like social media, but also in deep-rooted industries, where their competitors have the benefit of huge amount of cash in possession and years of expertise. Startups are recognized for their determination and ambition. Employees are commendably zealous and have diligent work morals that are never ignored and often push the organization forward, towards effectiveness and victory.
The fight between large companies and small startups has intensified lately. Then what exactly can a huge industry owner learn from the startup entrepreneur? The answer is, a lot.
Learn to be native
Prosperous startups have an intuitive understanding of their clients. Having no research department to help and guide them, startup owners are required to market and advertise themselves to learn directly what their consumers are facing. In a lot of cases, entrepreneurs have to be their own customers, starting a business in hopes of solving a difficulty they were undergoing.
Let your teammates act independently
Giant companies can sometimes be notorious for their bureaucracy, the fact is that it takes weeks and dozens of management layers to get anything approved or accomplished. Big brands and industries have put these extra protective layers of work departments for the reason of saving their brand name or saving themselves from any sort of damage and what they are putting out is top level but it creates a problem of getting approval of a lot of people which takes time while Startups don’t even have those many people to start with which enforces autonomous working, everyone is mostly trained enough to take decisions and accomplish what is needed. Many startups follow responsive development practices or hire smart people instead.
Big companies squeeze out very little of their budgets in for innovation unlike startups which exist in order to create something new. Although the startups don’t have R&D departments as big as big companies in order to validate their ideas but this inevitably leads to experimentation and risks which are later calculated; the ones who succeed are the usually the ones who have been creative enough to sand out. Unicorns have the room to do likewise but they lack focus towards creativity, thoughtfulness of self-examination, are the methods that will eventually lead to more innovative solutions. Like startups, with a diminutive monetary backing and few calculated risks, the finest of ideas can be brought to life.
Use technology to your advantage
Spending profoundly on technology, online advertising and safeguarding against cyber risks are now highest priorities for Big businesses. Though, big industries aren’t copiously utilizing the rewards of online operations. While startups are using technology as their biggest asset in order to advertise and market themselves and relatively low costs, hiring people and forming global relations.
This empire-building boldness of using basic methods might go against the deep-rooted culture of many big companies. For business leaders, scheming may involve making uncomfortable deviations: squeezing time and resources, decreasing organizational tasks and clearing schedules in order to get out of the remoteness and back to the client forefronts. But once establishments initiate uncovering problems worth solving for their consumers, the transformation will be worth the effort.