Allianz innovation forum: start-up mindset crucial for growth

Allianz innovation forum: start-up mindset crucial for growth

14 November 2016

Large organisations wanting to innovate and drive growth need to develop a start-up mindset if they want to remain competitive, says Allianz Australia’s General Manager for Innovation, Digital and Data, Nagib Kassis.

Five Australian startups including Airtasker, Hashching, Civic Ledger, Investfit and Fuzo are sharing their experience at Allianz’s inaugural Innovation Startup Forum in Sydney on 14 November 2016.

The forum aims to show how start-ups can partner with established organisations to drive innovation, improve services and expand into future markets.

“Australian corporates can’t use outdated methodologies in today’s business world. Partnering with startups is key in improving performance and building long-term profitability,” said Mr Kassis.

“Large corporates used to be constrained by their own scale and infrastructure but now we’re seeing more innovation in business models where companies are aligning around their unique strengths.

“Success is about bringing entrepreneurial behaviours into organisations and building on their existing processes and systems.”

Mr Kassis said three key trends were vital for helping corporates drive innovation.

1. Connecting startups with senior leaders – this provides corporates with insights into key trends, emerging technologies and can help create future partnerships.

2. Employee collaboration - employee-based programs are key to encouraging idea prototyping, providing mentoring and access to networks. These programs motivate employees, foster a culture of innovation and they also support initiatives to attract and retain talent.

3. Developing intrapreneurial networks - ‘intrapreneurship’ or ‘corpreneurship’ (corporate entrepreneurs) programs cultivate start-up mentality and hack solutions for the organisation. It is also an opportunity for peers to come together from diverse backgrounds and experiences to learn, experiment and develop new processes, services and products.

“Innovation does not come naturally for many companies, however, as sectors are disrupted by new players and approaches to business, it is far better to disrupt from within.”