Before the internet, most innovation took place in small communities, with isolated breakthroughs eventually spreading throughout the world. Today, however, global business innovation is the norm.
Business owners pursuing growth may want to make a habit of looking around them—and not just at local competitors. How other companies around the world do business can affect your organization.
I spoke to two business owners to understand how they tap into global business innovation to power their companies.
Stepping Out of Your Communal Bubble
Fabrizio Moreira is the owner of The Moreira Organization, a nonprofit that develops world leaders. He has learned that everything a business owner touches involves a global team of talent—from manufacturing to storing data in the cloud.
“This global talent pool means you're competing with a lot of innovators who you ignore at your peril," Moreira says. “Many emerging markets are leapfrogging established markets because of need-based innovation and fewer existing infrastructure constraints," Bullen says. “Paying attention to what these markets are doing can help you identify opportunities in your own market as well as threats that may be down the line."
He seeks out intelligence on global business innovation by observing similar organizations operating in other countries, and finding ways to plug in and work with them.
Erik Bullen is CEO of MageMail and is actively involved in the start-up and innovation community, mentoring and advising for programs such as Techstars, MassChallenge and LaunchX. His ideation is regularly informed by other cultures, markets and industries.
“Many emerging markets are leapfrogging established markets because of need-based innovation and fewer existing infrastructure constraints," Bullen says. “Paying attention to what these markets are doing can help you identify opportunities in your own market as well as threats that may be down the line."
For more where this came from, check out the AMEX OPENForum.
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