TLDR:
- Corporations need to embrace “fast, cheap, and weird” experiments to survive in today’s fast-paced world.
- Parker argues that companies must focus on resilience rather than efficiency to weather crises and foster innovation.
In a recent article, Elliott Parker, the CEO of High Alpha Innovation, highlighted the need for big corporations to adopt a new approach to innovation in order to remain competitive in today’s fast-paced world. According to Parker, corporations are often optimized for safety and predictability, which can hinder their ability to innovate effectively. He points out that during the COVID-19 pandemic, many companies struggled to adapt due to their rigid structures and processes.
Parker emphasizes the importance of building agile resilience within organizations by allowing for experimentation and learning from failures. He suggests that innovation teams within companies often face challenges because they are still tethered to the core business, limiting their ability to think creatively and take risks. Instead, Parker advocates for a more proactive approach to innovation, where corporations build their own ventures and embrace new ideas and technologies.
One key concept that Parker discusses is the idea of “fast, cheap, and weird” experiments, which he believes are essential for uncovering new opportunities and driving change. He points out that many of these experiments may fail, but it is through this process of trial and error that companies can discover innovative solutions to complex challenges. Ultimately, Parker believes that embracing experimentation and innovation is crucial for the long-term success and resilience of corporations in today’s rapidly evolving business landscape.
