According to Gartner Research, “Gartner Says Capitalism Going Social Will Require Organizations to Build Two-Way Relationships with the “99 Percent”
The impact of social capitalism is not only driving inward exploration but outward. Yes, it’s always good for businesses large and small to create a corporate culture that is more open, collaborative, and enabling. But, at the same time, companies must apply the best practices of a socially capitalistic workplace into a socially capitalistic community of partners and customers.
The days of keeping everything inside your own 4 walls and creating something of real value for the masses is easier said then done. You need partners, and the time has never been more right to form close partnerships within your industry.
So, who to focus on? One would immediately THINK BIG, but, innovation is not necessarily led by the largest companies. In a recent study on the Harvard Business Review’s blog network, researcher Maxwell Wessel offers a framework for how big companies should go about innovating (via @Fortune), but seldom do. The reason I have been focused on those companies that may THINK BIG, but act small… Companies that act small have 5 key attributes that I find attractive in partnering:
1. Agile – always changing/adapting their business models to grow.
2. Opportunistic – always looking for opportunities to build their brand.
3. Quick – always wanting and needing to move fast.
4. Hungry – always having that entrepreneurial spirit.
5. Loyal – always open to contributing to joint success.
But always remember, it’s not one-sided. It’s not an “if you build it they will come” mentality Companies that THINK BIG but act small usually lack 1 critical resource, okay 2 critical resources: time and patience. The program you put together must have a compelling value for them to spend their limited time engaging, and the rewards of said engagement had better come quick.