The Internet has enabled a new world-order, causing people from the CEO down in almost every industry, an amazing amount of grief. The music industry, the newspaper industry, the telecommunications industry – heck, even tangible non-digital products like books – have been challenged at the core. However what these CEO’s have begun to realise, is that the Digital Age is no longer a threat, but a vehicle for growth.
Innovation is a key source of competitive advantage. And if you are an established company, innovation is hard. What takes six months of trying to convince the right people, jumping through hoops to keep internal stakeholders happy, and then finally releasing a half-baked product that is dramatically cut down from your vision – could be done by a bunch of college students in a garage over a weekend. Economies of scale is no longer an advantage in the Information Age – small, agile teams are.
In America – Google, Yahoo, Microsoft, News Corp, IAC and the rest – rely on acquisitions to fuel their innovation. An amazing amount of innovation is occurring on the web at the moment – not just new products but new business models. And the above mentioned companies have realised that acquiring a start-up early on, is a cheap way to innovate – as well as a great way to recruit.
But what about Australia?
Like America, we have a strong Internet industry with some clever entrepreneurs. But unlike America – no one is acquiring them. Could it be executives of this country’s leading companies just don’t know how much talent is available onshore? Well working in a professional services company that advises these companies, I am sure of it. Even a tech-savvy person like me is still discovering the amazing amount of talent and potential in my city, let alone country.
So here is to educating – both you and me – as I begin to start profiling innovation in Australia To make a suggestion for me to review on my blog, post it here