Stop Saying Big Companies Can't Innovate

Some business pundits today believe innovation ignites better in startups than in large, established corporations. They believe big companies are weighed down by their own success, too invested in the past to create and execute new ideas. They say, "You can't teach an old dog new tricks." In fact, a lot of big companies have proven they are better positioned than emergent firms to create and execute innovation, however on-fire a startup may be. Consider, for example, Hasbro's evolution from a product company in the 1990s into the brand experience powerhouse it is today by leveraging its core brands (for example, spreading Transformers across multiple platforms including toys, movies, theme park rides, television shows, digital gaming systems, and comic books; the venerable New York Times, published since September 18, 1851, reinvented itself in the digital age as New York Times digital; General Motors, in partnership with Lyft, plans to test a fleet of self-driving Chevrolet Bolt electric taxis on public roads to lead the transformation of the auto industry; and at barely two decades old, Google is a comparative youngster but has leaped from the web to the street with tangible new products, such as its self-driving car and betting on new technologies such as artificial intelligence and robotics. Corporations like these have the assets, resources, and capabilities necessary to fuel innovation.