General Electric (GE) is transforming its approach to innovation by focusing on startups and small companies. GE’s Global Research division has been exploring new ways to spark innovation, turning to smaller firms for fresh ideas and strategies. The corporation is now partnering with startups, providing them with access to its resources and technology. This symbiotic relationship allows GE to benefit from the agility and creativity of smaller companies, while the startups gain from GE’s vast experience and resources.
The company has also adopted a new internal strategy, known as FastWorks. Inspired by Eric Ries’ Lean Startup methodology, FastWorks encourages GE employees to think and act like entrepreneurs. This shift in mindset is designed to foster innovation and accelerate the development of new products and services.
GE’s approach to innovation is not limited to technology. The company is also looking at innovative ways to tackle social issues. In 2014, GE launched a programme called ‘Healthymagination’ aimed at improving global health through technology and innovation. The programme has already invested over $3bn and has resulted in the development of 24 new healthcare innovations.
Through its new approach to innovation, GE is demonstrating that large corporations can be as nimble and creative as startups. The company’s innovative strategies are not only enhancing its product development but also making a significant impact on societal issues.
Go to source article: http://fortune.com/2015/02/09/general-electric-companies-innovation/