Five steps for legacy companies to drive disruptive innovation

ENTERPRISES often stand in their own way by stalling disruptive innovations or ideas out of sheer loyalty to their core businesses. In today's uncertain economic climate, reluctance to adopt frameworks that suit changing consumer demands puts organisations at even greater risk than they might already be facing.

In fact, best management practices and a healthy research and development (R&D) budget are no longer the only ingredients needed to compete against volatile market forces. Companies that employ inflexible organisational structures and legacy operating models often create blind spots, leaving them incapable of handling unpredictable market threats. To successfully launch ground-breaking products in a bear market, companies should explore looking beyond their core offerings and establishing the innovation function as a separate entity independent of the core business.

Here are some steps they can consider taking: