Eventually, most big companies’ attempts to innovate by whatever means necessary fail, and they develop blind spots for the potential of new markets and how to serve them. In many big companies, innovation eventually dies, and sometimes, a dominant player can squash innovation in an industry for a while, but innovation in the economy goes on. Part of Baird’s thesis is that Silicon Valley, an extraordinarily tight-knit community, has become infected by the same groupthink and rigidity that kills innovation in big companies. Village Capital invested $50,000 in Fin Gourmet, but despite impressive revenue growth, they have struggled to get more resources,” Baird writes. Another international fish sourcing company committed over $2 million in investment and showed up for a Fin Gourmet ribbon cutting with Kentucky’s lieutenant governor.

Source: Forbes September 30, 2017 22:17 UTC