Large companies use a range of methods to become more innovative. As companies grow and become big, they tend to lose some of the innovative capacity which was present when they were smaller or newly-started. Large companies are therefore creating programmes to foster entrepreneurship internally, or working together with start-ups to take advantage of the knowledge and innovative culture held within the smaller companies.
By creating programmes to foster intrapreneurship, large companies are creating a culture where ideas can develop and be captured anywhere throughout the organisation, spurring innovation among all employees.
Large companies are also looking outside of their own organisations and are forming partnerships with start-up companies in order to stay innovative. The smaller companies are seen as front-runners within their industry, possessing the newest knowledge, which can be combined with that of the larger company. By working together, these two types of companies spur innovation in a joint effort which no one of them could have achieved on their own.
In the future, dynamics between large companies and entrepreneurs will be an important source of innovation, with collaborations taking place in multiple locations across regions and continents.