You have just got to constantly focus
And more competitors.
Now the fundamentals have got to
be more education. Faster
learning, faster speeds, more
technology across the board.
Invest in continuous education
Now, when everybody's job is
many times faster than it was
few years ago, the fundamentals
have got to be more education,
training. "Everyone has to
be gearing themselves to a
faster pace, to more
competitiveness, to more
intellectual capital. That's the
Shun the incremental and go for
businesses with dependable and
steady ones. The rapid growth of
a business may well be
unpredictable. The dependable
businesses, though, give a
company "enormous staying power"
and underpin a balanced
portfolio. Constantly improve
companies value incremental
gains. But make also
surprise moves. Disrupt
yourself rather than be
disrupted. Invest in young
innovative firms, especially if
a synergetic relationship
between the venture and one of
more of your businesses is
Search for the best ideas
Create an innovative atmosphere
where people are confident that
how far and fast they move is
constrained only by the limits
of their creativity and drive
and by their standards of
The only ideas that count are the A
There is no second place.
You've got to constantly produce more
for less through intellectual capital.
Invest in IT and information
Internet is the Viagra of big business," says Jack Welch. Today information
is understood as a competitive necessity, from resolving internal organizational
issues to addressing market-based competitive realities.
Grow Your Competitor
Spend an hour per week learning
what competitors are doing.
Spend time on their websites, or
studying their ads, catalogues
and conference papers.
* * *
Corporate Open Innovation Models
GE implements multiple corporate
open innovation models. They
are built on its GE Open Innovation Manifesto, which says, “We believe openness
leads to inventiveness and usefulness.” To this end, GE crowdsources innovation
from experts and entrepreneurs
worldwide to solve various internal challenges.
One of GE’s significant initiatives
is the First Build. It is a platform that enables the collaboration among
designers, engineers, and budding innovators to share new ideas, mainly focusing
on creating new home appliances. GE then makes the best ideas available for
purchase so that companies develop them further and bring them to life.