Start-ups are cannibalising traditional businesses – from retail to banking. But there is a lot both the sides can learn from one another, the results of a survey found.
Start-ups, of course, have an edge in innovating faster since they are smaller in size and, therefore, more nimble than traditional businesses. They also work in an agile fashion where the software or the product developed is ‘iterated’ – the product, when released the first time, is hardly perfect but is updated and refined multiple times over a period. That marked a significant shift from the traditional mindset where an enterprise only released a perfect product after rigorous testing, a time taking affair.
While traditional businesses need to adapt, they can also teach new-age companies a few lessons. Many start-ups surveyed had access to data but no access to data scientists – this implies they may miss business opportunities because of inefficient crunching of data. The traditional businesses can also teach the newer companies on being process oriented, on running a cash positive business, on security – some start-ups, Chief Futurist, Founder and CEO of Greyhound Knowledge Group, Sanchit Vir Gogia commented, can’t differentiate between security and privacy.
Source: Business Today