We hear it so often that it has become cliché. Small companies are nimble and move quickly where as large companies can muster significant resources but are slow to respond to emerging threats and opportunities. In response to their admitted slow pace many big companies have focused their attention on acquisitions as a way to mitigate threats and infuse new growth opportunities into their business.
Are we ready for a new twist on reality TV? What if we moved benign academic tussles to a new full-contact arena? We could call it the “Ph.D. Cage Match.” Not likely but I have to admit truthfully that it has been a little exciting watching this battle of words brewing between two Harvard academics. Jill Lepore (a staff writer for The New Yorker magazine and Harvard Professor of American History) and Clay Christensen (a Harvard Professor of Business Administration and the reigning godfather of the modern innovation movement) have been publicly duking it out over their disagreement on Christensen’s theory of “disruptive innovation.”
Seven years ago my team had just shut down the first of our two concept stores that we were running for consumer electronics retailer Best Buy. My team had spent the last two years operating these concept stores in an attempt to understand more about the opportunities in “small box” retail. During that time we had learned a ton and as a leadership team we were adamant that we needed to share what we had learned with the rest of the company.
Last month consulting firm Accenture released a report (“Why Low-Risk Innovation Is Costly“) on the state of innovation at big companies from the U.S., U.K., and France. Their survey of 519 executives at large companies concluded that most were disappointed with the return on their innovation investment. Many of these companies cited that they were scaling back their disruptive innovation efforts and settling for more incremental innovation like product line extensions.
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