We live in a world of business that’s been transformed by the exponential increase in technology. Small start-ups that were nobodies yesterday can now challenge the largest businesses in the industry. Think about Uber. Before they become the most popular car-sharing service, this company was super small and only had a few employees.
Now, after a few years of hard work and dedication, Uber is now the leading car-sharing service that has challenged the taxi industry and is dominating the industry. Keep reading down below to learn more about how new start-ups can innovate like crazy and challenge the largest businesses.
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1- Things Can Be Executed Much Faster
When you are running a start-up, there is going to be a whole lot less red-tape than in larger companies. Large companies normally have a huge chain of command that must be followed, forms to fill out, and affirmative to be gotten from chief executives before initiatives can move forward.
However, this is something that start-ups don’t have to deal with. Because they are pretty new to the game, they can position themselves to move super quickly and do not have that red-tape and tons of policies that other businesses have.
2- You Have Quick Access to Business Resources
Whenever you are in a start-up and you have an amazing business idea that your boss thinks are great, resources can immediately be allocated over to push your idea forward. No matter whether this idea is a new home controller system like those from the Smart Future or any other idea, this is common in successful startups.
This is because of the lean nature of startups and how quickly you can get things done. This is great if you want to get your idea on the road and see where it goes. When you are dealing with a larger and more established company, it could take many months before you get the resources you need for your idea.
3- There’s A Strong Team Environment
When you think about startups, the first thing that you probably think about is the team environment that comes along with it. This is one of the best reasons why someone would go to a startup for innovation, rather than a large company.
Startups normally have a very strong culture where everyone knows each other and can work well together, which is one of the first things that you need for innovation.
4- Everyone’s All in This Together Kind of Culture
Speaking of culture, one of the most common features in cultures that startups have is the “everyone’s in this all together” factor. This means that everyone in the company has a stake in the future of the company and therefore, will work super hard to push the startup forward. Their jobs are literally at stake if the startup doesn’t succeed.
5- Innovation Support Throughout the Company
The biggest reason why there is a lot more innovation in startups than larger companies are the fact that there is more support for that innovation company-wide. No matter where you go in a startup, there is going to be some kind of funding for innovative projects. There is going to be an appetite for innovation that you just don’t have in larger companies.
6- You Can Measure Innovation Easier
When it comes to hiring employees, and promoting people to new positions, many startups put innovation as one of the main measurements of success. This means that employees have to be innovative in order to get into the company or to move forward into new positions. This is not something that’s done in larger and more established companies.
7- They’re Attractive to Young People
Of course, one of the biggest reasons that startups can create more innovation than established companies is the fact that startups are just more attractive to young people. No matter whether this is because of the generous benefits or the fact that they can let their creativity run wild, startups are just more attractive for young people around the world. And as you should know, wherever there are young people, innovation is close behind.
There you have it! Each of these points are the reasons why startups can be much more innovative than traditional, more established companies.