PA innovation expert, Mads Kjøller Damkjær, has had a byline published in Finans.dk discussing the importance of entrepreneurship.
Mads highlights how entrepreneurs and innovative startups thrive in America – particularly in Silicon Valley. Companies such as AirBnB and Uber have become important innovators, with the ability to impact global economy and social progress. A common denominator for entrepreneurial companies like these is that a large proportion of their staff is made up of designers and other specialists rather than staff with a typical corporate or technical background.
Mads says: “Danish business leaders can learn a lot from their peers in America. For instance, how they increase their support of entrepreneurs and startups, and boost innovation in larger companies. An innovation study, carried out by PA, shows that 71 per cent of companies have seen groundbreaking innovative business initiatives fail for reasons that could have been avoided. The problem may be that companies have too few diverse and creative entrepreneurs who can create ‘the real value.”
According to Mads, company leaders have an obligation to support innovation initiatives and should follow a few, simple steps to build the foundation: Understand the ‘real value’ and purpose of your company; get inspired by the innovation culture in smaller startup companies; and integrate this culture in your own organisation. Moreover, leaders should focus on diversity and special competencies in their staff and management.
Mads concludes: “Become inspired by the passion and ambition that characterise innovative American companies. They are bold enough to cut corners and aim high – the same should apply for Danish companies.”
Mads Kjøller Damkjær is an innovation expert at PA Consulting Group