Innovate and Thrive: Business NexGen Insights

Innovate and Thrive: Business NexGen Insights

Innovate and Thrive: Business NexGen Insights

They have a real tremendous opportunity in front of them and it lies in the hands of next generation of the leaders and entrepreneurs. New technologies, changing customer behavior and new vision are coming together to produce new business models, goods and services. But without direction and foresight and pursuing innovative practices, people will not be able to build a sustainable success. It is crucial that the leaders of the future business have a organizational strategy that have a value-additive approach that does not compromise the capabilities of society.

Consumer Values are Shifting

Consumers of products across the world are more and more making decisions based on what they believe in. Customers also would like to give their money to organizations that are honest, enjoy the planet and are good corporate citizens. Next gen leaders should not reason with it as a constraint but rather as an opportunity to learn on how to embrace emotional appeals and gain customers’ trust. The brands that will indeed succeed are the ones that are truly representing something beyond the bottom line.

Technology as an enabler for New Opportunities

Advancements in technologies such as artificial intelligence, extended reality, and other robotics are providing the world new realms of human possibilities. To finance a modernistic technological innovation in a favorable field for the targeted step change in output or service, entrepreneurs should follow advances in tech in the industry and its related domains. Nevertheless, tech for tech is meaningless and lacks value when there is no intent to use them to address people’s issues. I believe next gen leaders should become bilingual – bilingual in defining technology capabilities, and being able to speak about real human centric solutions.

Democratization of Innovation

More and more people in the world receive access to information, education, infrastructures or even higher technologies like 3D printers and synthetic biology. This presents huge potential for startup thinkers irrespective of their origin, territory, sex or age to develop unique features. Large organizations also need to look outside their organizations to generate new insights, ideas, and talents to feed innovation processes. People-centric approaches to innovation depend on diverse perspectives, which enhances a company’s competitive position.

Business Model Disruption

Numerous sectors that have long been dominated by established players and massive corporations such as financial services, commerce, transportation, and accommodation are increasingly threatened by new generation companies created with the digital environment primarily and with less reliance on tangible assets. These threats cannot be refuted by incumbents. IT leaders of the next generation should think like a venture capitalist – they should look critically at the weak points in the current business model as well as at the very strong immovable positions which the new digital offerings can be built on. Such blended models built upon physical capabilities, and digitization where necessary, will continue to support many incumbents.

Tribetrepreneurs

More and more customers actively organize themselves into tribes and communities based on their relevance, values, life pursuits, and more. Wise commercial beings turn into these tribes in order to develop solutions of value proposals that fit into their needs. They also depend on the word of mouth which is deeply rooted in the tribal sense of the community. Next gen leaders should consider this tribe-first approach to innovation and business model creation - to understand a target customer tribe’s values and create zealous brand advocates.

Companies’ Non-Financial Performance Reported

The decision-makers of today’s society are highly conscious of the environment, society, and the impact of their purchase decisions. Those who are a part of the next generation of leadership must not just pay lip service to ESG principles but integrate them into the overall business planning and functioning. ESG credentials, meanwhile, also are a powerful tool for differentiation of startups and SMBs through presenting ESG practices to target audiences interested in purposeful brands. Real and numerical ESG performance will offer an enhanced potential to provide competitive advantage and to act as a suitable source of talent attraction and customer loyalty.

The Democratization of Ownership

Traditional models of ownership such as ownership by and employee stock ownership plans advance a far more diverse dispersion of the stakes. The next gen leaders can use these models as guide to better focus employees, customers and other stakeholders on the upside of wealth creation of fresh innovative ventures. Everyone has opportunities for collaborative development in solutions, as well as management, and brand champions who have a vested interest in the game playing out in the longer term.

Education for Continuity in the World

The nature of this work and technological progress do not allow to keep the desired skills relevant for a long time. There is no question that the next gen business leaders must always be in a constant process of learning. They should establish the culture that supports creation of futures of employees at all levels and looks for ways to encourage them to develop those skills. Only the organizations that enhance on-going learning and skills development of its human capital will achieve and maintain long-term competitive advantage.

In conclusion, the new generation of managers and startups has numerous opportunities in building business that will succeed both commercially and with regard to ethical principles and sustainable development. The future rewards the innovative mind of the next gen but that innovation must happen within the context and spirit of Purpose Beyond Profit, Conscious Capitalism, Inclusiveness and Lifelong Learning. The implementation of solutions that business leaders deploy now – how these are built, for whose benefit and at whose cost – will continue to define the economies and societies of tomorrow for decades to come. Being conscious of the triple bottom line of people, planet and profits, next generation of leaders will be able to develop sustainable and responsible business organizations which will be capable of changing lives even in the distant future.