Corporations can foster innovation through various strategies:
Internal R&D: Setting up dedicated R&D departments to focus on creating breakthrough products and services. Collaborations and Partnerships: Partnering with startups or other companies to leverage their innovative capabilities. Corporate Venture Capital: Investing in startups that are developing disruptive technologies or business models. Intrapreneurship: Encouraging employees to think and act like entrepreneurs within the company, often through innovation labs or incubators. Open Innovation: Engaging with external innovators and the broader ecosystem to co-create solutions.