Innovation is hyper critical to success in the fast-paced world of consumer goods. Find out how Nestle overcomes the challenges of a large organization by creating their own “startups” to spur innovation and drastically reduce time-to-market.
For large firms, which often have different divisions with their own agendas, it can be difficult to innovate effectively and keep the company moving in a unified direction. In this episode of Mastering Innovation on SiriusXM Channel 132, Business Radio Powered by The Wharton School, Rui Barbas, Chief Strategy Officer at Nestlé USA, describes how the food and beverage giant addresses this challenge through what he calls a hybrid growth model.
To stay ahead of changing consumer tastes, Nestlé’s growth model focuses on two goals: optimizing the products and resources that they have currently, while at the same time investing in new ventures and acquisitions that allow for new revenue streams and capabilities. While external innovation used to be stigmatized within the industry, it’s now become a valuable strategy for Nestlé. Barbas discusses the rapidly changing landscape of the food industry, as well as the challenge of achieving a balance between nutrition, taste, and profitability.