When it comes to taking risks, startups are at a distinctive advantage. It is easier for them to make decisions that may or may not work out in their favor since they do not have much at stake. From the workforce to the resources at hand, everything is already pretty small so incase, if their innovative decision does not do well for them, the aftermath can be easier to handle.
Big, established companies are more reluctant in letting the innovative spirit flourish because if it backfires they will have to suffer a much greater loss than a company that’s just beginning. However, having said that, there are still several established companies that encourage innovation. These are usually the kind of companies that started their own journey on the wings of innovation. If it were not for their willingness to initiate something new, they would not be there where they are today.
Everybody begins somewhere and for some that “somewhere” is usually “nothing.” If you look around you will find only a hundred or more different examples of companies that are business giants today but things were not always this rosy for them. What’s even more is how these companies never get comfortable; even after reaching a certain point they keep on striving for more.
And innovation is usually the middle name of that struggle.
To help demonstrate this point, let’s talk about it with the help of an example.
Nike: The Greek Goddess of Victory
Nike is a brand that needs no introduction. From their shoes to their accessories, clothes, their advertisements and everything else in between speaks for what the brand really is. It all began when founder Philip H. Knight came across a Japanese athletic shoemaker, Onitsuka Tiger, on his trip to Japan. He agreed to import his shoes to the US and there was no looking back.
From money to space, everything Philip Knight had was limited. He would often use his father’s basement to store the inventory. After working with Tiger for some years, Knight partnered with Bill Bowerman who was also his former track coach.
They decided to launch their own footwear under the name of Nike, which is actually the name of the Greek goddess of victory and there has been no looking back ever since. Other than delivering quality products to their audience, one of the main reasons why Nike is so ahead of their competitors is because of their innovative spirit.
Every now and then Nike launches a product in the market which makes use of never seen/heard before technology which leaves everyone baffled and impressed. A relatively recent example of this is their line of footwear with “flyknit technology”. When we hear the term athletic shoes, it’s obvious that they must help the athletes do what they do best, but who has ever heard of footwear that’s also environment friendly? Nike’s flyknit technology claims to produce 60% less waste as the other cut-and-sew methods.
According to a report, their flyknit technology has reduced up to 3.5 million pounds of waste material since 2012.Talk about being innovative with a purpose!