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Innovate or die! How do you achieve long-term growth in a highly competitive business environment? Many established companies are facing a similar challenge. Sales from existing products is declining and the urgency to innovate the existing business and create new businesses is bigger than ever. Scale as a competitive advantage is no longer sufficient to compensate for the slow speed of corporate innovation. We need to leverage the organizations scale and assets and combine this with the speed entrepreneurs have in building businesses.Product innovation is in most companies a priority, but business model innovation is failing while it is considered as one of the most important drivers for revenue growth. Hackathons, accelerators and startup collaborations are the vehicles for innovation, but what is the impact of these initiatives? Does it lead to real business impact or is it fair to say that most innovation projects end up at the graveyard?How do you turn this around? My thesis is that innovation beyond the core business has zero change of survival in the current organization structures. These types of innovations need to be incubated in a different way, separate from the core business. The 10x Growth Machine helps companies incubate innovations systematically from idea to scale. No isolated innovation projects or disconnected initiatives. The 10x Growth Machine runs a portfolio of initiatives that have C-level protection and is rooted in the strategy of the organization. The culture of The 10x Growth Machine is entrepreneurial, and the progress of the (corporate) startup teams are measured and funded by a venture board that acts as an internal investor.In this book, innovation expert Misha de Sterke describes a battle-tested methodology with a framework, a canvas, seven models and eleven tools, to start building your own 10x Growth Machine.
