Management Tip of the Day: Acting like a startup
BOSTON (Reuters Life!) - Established companies can spur innovation and problem-solving among employees by taking a few notes from startup business practices, says Harvard Business Review.
The Harvard Management Tip of the Day offers quick, practical management tips and ideas from Harvard Business Review and HBR.org (www.hbr.org). Any opinions expressed are not endorsed by Reuters.
"Leaders of established organizations often look back on their startup days and long for some of the excitement, nimbleness, and speed their organizations once had.
While it's not possible to turn back the clock, there are ways that your company can try to be innovative and fast-moving like a startup. Here are three:
1. Create a venture fund. Fund internal entrepreneurs who want to start businesses related to or adjacent to your core. This can attract people with a startup mentality and a passion for pursuing new ideas.
2. Start skunk-works groups. Task them with tackling new opportunities that existing business units can't take on. Treat them like start-ups, not projects, by putting significant rewards on the table.
3. Sponsor innovation contests. Challenge people to come up with new ideas or innovations and offer enough money to attract the next big thing."
- Today's management tip was adapted from "Can a Big Company Innovate Like a Start-Up?" by Ron Ashkenas.
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