The real problem isn’t a knowledge gap, it’s a mindset one
Organisation lifecycles have never been shorter and faster than they are today. According to a corporate longevity study, the average lifespan of a S&P 500 company is under 20 years, down from 60 years in the 1950s. And when looking at the list of Fortune 500 companies that existed in 1955, only 54 – just over 10% – still remain.This is caused by a mix of disruptive technologies, changing business models, burgeoning startups, intensified competition, evolving markets, shifts in world economies and several other factors. The need for change agility and continuous innovation has therefore become critical for businesses to sustain growth and remain profitable. In fact, innovation – a buzz word that is associated by many with new technology in the past – seems to be on a growing number of company and government agendas these days because it is at the crux of their future existence.