Arabnet Arabnet

The reality is that innovation is now a constant. Companies of all sizes increasingly face a new reality in which startups and technologies are pushing industries forward. Companies who are operating as usual and hiding from reality are guaranteeing that they will get disrupted and will eventually become either irrelevant or obsolete. 

The answer isn’t to continue with business as usual nor is evolution achieved by simply improving business as usual through iteration. Businesses must think and act like startups. Some are doing just that by opening innovation centers.

To compete in an era of digital Darwinism requires companies to shift perspective and broaden or even reset mindsets. More so, executives and the workforces and partner ecosystems they manage must also modernize to evolved market conditions, expectations and behaviors. One of the most promising trends in the modernization in or even reinvention of business is the rise of corporate innovation centers around the world.

Medco, the centennial company, has launched the Medco Innovation Center (MIC) in Beirut, where employees collaborate to answer pressing issues, think outside the box, in order to enhance every stage from importing, to distributing, to operating, and to servicing consumers. MIC is about empowering ability as well as the agility to read and act on signals of change to innovate rapidly to launch new products and services in addition to business models, processes and strategies.