Corporate innovation is front and centre of most business leaders’ minds. According to McKinsey, 84% of CEOs believe innovation is critical for growth, but only 6% of these CEOs are satisfied with their innovation results. Similarly, BCG’s 2023 annual innovation survey of 1,000 global businesses leaders points out that 89% of the CEO’s surveyed place innovation as a top three priority, but only 20% of them are satisfied with their innovation results[1].
The reason for CEO’s prioritising innovation is simple.
The stick – Without innovating companies face an existential threat. According to McKinsey state that 80% of business models are at risk[2], while Forbes[3] states that “since 2000, 52% of Fortune 500 companies have “gone bankrupt, been acquired, or ceased to exist” due to digital disruption.”
The carrot – Innovative companies outperform the market. A 2023 BCG analysis shows that the top 50 most innovative companies outperformed the global MSCI index by 3.3% over a 20+ year period.
Further, a handful of the world’s most successful business leaders like Amazon’s Jeff Bezos and the lesser know Peter of Ma of Ping An have proven that the relentless pursuit of innovation is the key to business success today. While Amazon needs no introduction, Ping An, a Chinese insurance company grown from zero to US $ 100 billion in market cap in just three decades on the back of the CEOs extreme focus on innovation.
Given the strong desire to innovate, but unsatisfactory results (for most organisations) coupled with the significant upside for organisations that get innovation right, it is important for business leaders to understand and focus on innovation to survive and thrive in today’s highly competitive do or die business environment.
This two-day masterclass will provide participants with an opportunity to understand the basics of corporate innovation and take a confident first step toward introducing corporate innovation best practices into their organizations. It will also be of value to energy transition leaders who need to innovate to meet challenging energy transition deadlines.
[1] BCG 2023 Most Innovative Companies report
[2] https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/how-we-help-clients/growth-and-innovation
[3] https://www.forbes.com/sites/forbesbusinesscouncil/2020/07/01/why-corporate-innovation-is-essential-today/
About the facilitators
Asheesh
Asheesh is an experienced innovation management, new venture and digital strategy veteran with a strong mix of strategic, financial, operational and leadership capabilities. He is also a certified Innovation Management Coach for large corporate innovation programs.
As a GP at FundWA (a WA govt. supported tech innovation focused VC fund) and an advisor at the Antler global VC fund he actively guides tech forward innovative businesses in Australia, UK and India on their business, capital raising and growth strategies and has been part of the leadership teams of multiple new innovative ventures across a range of sectors (as the Managing Partner of a Family Office VC fund and a co-founder of an online marketplace).
His passion for innovation and new ventures extends beyond the workplace, as a regular speaker and judge at start up events / competitions and as the Australia India Chamber of Commerce’s innovation / start-up lead.
Prior to my career his career in venture capital and innovation, Asheesh worked at a leading global consulting firm (big four) as well as a boutique strategy advisory in New York and London, where he advised blue chip firms / PE companies like BBC, Sony, BT and Bridgepoint Capital on multiple innovative business launches and investments.