Over the last century, innovation has driven the vast majority of economic progress in the world. In the last 20 years, we’ve seen this pace of innovation increase to a point where disruptive innovators have come to market and effectively eliminated many traditional competitors. A recent McKinsey study showed the average lifespan of an S&P 500 company dropped from 61 years in 1958 to just 18 years today – a dramatic change. While there are many factors that play into the demise of companies, disruptive innovation has proven to be one of the most difficult for organizations to deal with.
So how do companies build innovation capabilities? What are the elements needed to drive disruptive innovation in today’s rapidly changing world in order to achieve competitive advantage? Our President Dr. Alex Heublein discusses these issues with Clinical Psychologist Dr. Josh Klapow on a recent episode of the Adapt or Perish podcast. Listen here.