To understand the difference between how new ideas are treated in startups and in big companies, you need to understand the $1 million paradox.
The business environment is becoming increasingly complex. Organizations have lived in a stable environment for many decades. The competitive advantage resulted from executing better than competitors. This is no longer the case.
The Food and Drug Administration in the US has a lot of responsibility to protect and advocate for consumers. And one department in the FDA, the Center for Drug Evaluation and Research (CDER), regulates over-the-counter and prescription drugs, including biological therapeutics and generic drugs.
Leading CEOs worldwide expect major changes to their company’s business model until 2020. As a consequence, organizations are currently about to realize that, today, business model innovation has become as important as technological innovation. However, developing new and viable business models still represents a serious challenge for large incumbent firms despite their resources, know-how, and key technologies. This article provides 10 guidelines for mastering business model innovation challenges in established companies.