DOVER, Mass., Nov. 16, 2015 /PRNewswire/ -- Carol Bramson, founder of TBG Capital, was one of four expert panelists who recently participated in the University of Chicago Booth Business School presentation (via YouTube) entitled "The Big Question." The interview question was "Can big companies innovate like startups?" moderated by Hal Weitzman, executive director of intellectual capital at Chicago Booth. The panelists held a roundtable conversation on such topics as defining innovation, incentivizing innovation, executing creative ideas, the culture of innovation, and fear of failure.
Bramson, who received her MBA from Chicago Booth and has past experience as the CEO of a public company, was asked why it is so hard for big companies to innovate. Bramson responded, "There are three main factors – resource allocation, a culture that is accepting of risk taking and stepping outside your own comfort zone."
The panel went on to discuss the fear of failure, which was identified as a huge demotivator and is certainly a key issue for large companies which are trying to be innovative.
Bramson suggested a number of ways for companies to provide their employees with the opportunity to innovate, including allowing them to try new concepts on a smaller scale, accepting small failures before moving to a full scale launch and providing opportunities for learning.
Greg Bunch, Adjunct Professor at Chicago Booth and President of Masterplan, a strategy and consulting firm; Michael Gibbs, Clinical Professor of Economics and Faculty Director of the Executive MBA Program at Chicago Booth; and Jeff Willcoxon, Senior Management for Insight and Innovation at General Motors were also panelists.
Other topics included the need to incentivize outcomes, not just ideas and that those outcomes should be measurable, finding the right people and making sure their voices are heard, using a cost-benefit analysis to determine whether an innovative idea is worthwhile.
About TBG Capital
TBG Capital provides equity capital and advisory services to companies to facilitate start-up, growth and acquisitions. TBG provides direct capital investment and fundraising services, board governance, strategic planning, organizational development and transaction services. The firm is highly focused on growth thru acquisition strategies with a special interest in consumer products and natural ingredients.
The YouTube video linked in this release was provided courtesy of Capital Ideas.
SOURCE TBG Capital