In today’s volatile business landscape, adapting to rapid market changes is no longer optional—it’s a survival imperative. A striking 88% of leaders anticipate an even faster rate of change in 2024, yet more than half admit they’re not fully prepared to respond. How can leaders navigate this turbulent environment and make decisions that keep their organizations ahead of the curve?
Itai Green, founder and CEO of Innovate Israel and a leading expert in corporate open innovation, offers valuable insights on this critical topic. With over two decades of experience bridging the gap between startups and large corporations, Itai has guided numerous global companies through transformative changes. His expertise is particularly timely, given that 79.7% of businesses need to adapt every two to five years to remain competitive.
In this article, we’ll explore Itai’s perspective on how leaders should adapt their strategies and decision-making processes in response to rapid market changes. His expertise promises valuable takeaways for business leaders and event planners alike, seeking to drive successful organizational transformations in an increasingly unpredictable world.
Itai Green
Itai Green, founder and CEO of Innovate Israel and a leading expert in corporate open innovation, offers a unique perspective on how leaders should adapt their strategy and decision-making processes in response to rapid market changes. According to Itai, the most effective approach is to establish a strong open innovation division within the company, led by a skilled manager with excellent project management and people skills.
Itai argues that traditional methods of strategy development, such as hiring consulting firms, often become outdated quickly in rapidly changing markets. He states, “Building a strategy in a time of rapid change is a true challenge. In many cases, you as leaders are hiring consulting firm that will build your strategy. But will it be relevant in a day after they provide you with those hundred slides of strategy? Probably not.”
Instead, Itai recommends:
- Create an internal open innovation division
- Appoint a highly skilled manager to lead this division
- Focus on identifying emerging technological trends before they become widely known
The key advantage of this approach is access to cutting-edge information. Itai explains, “Your innovation guy or lady would know because if they would not do a great job, entrepreneurs with a great idea would come and ask for their advice when they’re still below the radar, when you cannot yet find them on all these database spaces, Google or ChatGPT.”
This strategy allows leaders to:
- Stay ahead of market trends
- Make informed decisions based on emerging technologies
- Adapt quickly to changes in the business landscape
As we explore more expert perspectives on adapting to rapid market changes, consider how Itai’s innovative approach could be implemented in your organization to enhance strategic decision-making and maintain a competitive edge.