Smarter, Faster, Cheaper

In the dynamic technological change, the innovative and flexible devour the conservative and clumsy. Market supply is an ocean and you can ride its waves on a fast motorboat or you can also get on the Titanic. In this big race, you can adopt the attitude of heavy sumo fighters or impetuous ninja. But before choosing your approach, listen to the advice of Hristo Neychev. He is a consultant who helps corporations and start-ups introduce the principles of Lean Management. He also has the know-how to create programs for internal entrepreneurship. For Hristo Neychev, imposing Lean approach is a mission. He was convinced from his personal experience that people should not waste their time with lengthy planning of something that would never happen, but that they should begin to do things instantly and quickly validate their ideas. His advice to anyone who decides to create a start-up is to project it according to Lean, and to big companies - to implement internal entrepreneurial programs. In addition:

An important point is that corporations around the world that have created well-established work rules are starting to

Borrow Management Models

from start-up businesses. They understand that they have to be smart and discerning just like the absolute beginners. Otherwise, they are doomed. Many “captains” of world brands take a new course.

Traditional forecast processes are good, but with this approach everything is slow and it works only in a secure environment. However, market dynamics requires from every company to innovate and create new products outside the comfort zone. Practice shows that the products which at the end turn out to be the most successful, start as a high-risk idea. And if they do not take that risk, they may soon disappear from the face of the market.

Failure in Innovation

means death for the company. As a rule, innovation is a risky business, which usually requires a lot of resources. But it is a fact that enthusiasts with almost no budget manage to create technologies that break the status quo. That is why innovation is a magic key - turned in the right direction, it leads to an unprecedented market success, otherwise, it only unlocks the doors of bankruptcy. But how are innovations created? Having an accelerator for ideas is a good option, the most expensive is to buy a successful start-up, and the most profitable option is to start an internal entrepreneurship program. Employees with ideas can take advantage and develop and test their ideas. However, their development becomes the property of the company, but gives the chance to the most inspired people with a vision of the future, who are not high-risk players, to stay in the company.

Innovations are born in the minds of people. There is already a well-functioning methodology for their development that is used by entrepreneurs outside of corporations. And if it is available, it is a matter of a good strategy for

Corporations to Find an Approach

That will enable them to take the lead in the competition. Normally, the inner thinking of these “market dinosaurs” is slow and cumbersome, while start-up players crack the whip of the competitive race - their winning ideas quickly attract investors. Through Lean Management, the internal dynamics of large companies can be accelerated without rewriting the rules. Simply risky activities related to innovations are carried out in a new way with a focus on the changing needs of the client.

Market leaders have already come to the idea that they should have two runways - for risky and for risk-free projects, Hristo Neychev reminds. New processes do not replace old ones, but they work in the area of high uncertainty.