Why Middle East Corporates must invest in Innovation
Unlocking the Future
In today’s business landscape, resting on reputation isn’t enough. Even if your business is at the pinnacle of its industry, the need to keep evolving is non-negotiable.
For those who see it sooner, this presents a large opportunity. With the continuing rise of impactful technologies, being open to innovation helps you maintain or attain industry leadership.
As the Gulf region undergoes a massive development boom, there is a strong opportunity to leapfrog to the top via emerging products and technologies.
Why should you take action?
Success today does not translate to success tomorrow. Investment in innovation acts as an insurance policy against the events that could attack and take away your market share.
Examples such as Kodak and Nokia, or the Taxi and Music businesses may be extreme — but they paint a clear picture: by not constantly evolving, you make yourself vulnerable.
Risk Diversification
In our era of volatility and rapid change, exploration is our friend. Partnering with emerging innovators gives you the knowledge and exposure you need to learn, improve, and create new opportunities.
It’s important to go through this process while your business is strong. Why? Because this allows you to grow and expand from a position of strength, rather than from a position of necessity – when it’s sometimes too late.
Competitive Edge
Today, corporates have access to similar resources: be it capital, talent, or infrastructure.
But what sets you apart is your ability to discover new and unique opportunities, to know which ones to focus on, and to be able to access and execute on them effectively.
You should also have access to the latest knowledge and insights; overtime, this gives you independence and keeps you in control.
Proof in Numbers
Companies at the top of their sectors have one thing in common: a relentless focus on innovation.
Here are a couple of key insights we uncovered from BCG’s 2023 Most Innovative Companies report:
Innovation rose as a top corporate priority in 2023, with 79% of companies ranking it among their top three goals
Traditional markets have plateaued, and growth (accounting for 60% to 70% of medium-term returns) is found primarily in new markets
42% of companies expect to significantly increase spending this year
The top areas of innovation emphasis are new products, and exploring adjacent business models
The old adage about downturns separating winners and losers stands out. Playing a game of wait and see can backfire as it gives forward-looking competitors a chance to separate and advance
Where Dune Street comes in
We want to help you get there. Dune Street understands the challenges your teams face. It’s not easy to think about the future while you’re busy navigating the waters of today.
We are your trusted scout and partner. We match you with industry innovators in your desired areas, and we help you capitalize on opportunities for both today and tomorrow.
Are you ready to step into the next wave?
Firas M. Marafie
Founder, Dune Street Ventures
Sources: https://www.bcg.com/publications/2023/advantages-through-innovation-in-uncertain-times
