Translation Innovation is necessary to going global. When your company is looking to go global, and bridge the gap between domestic and international markets, it can often be difficult to break one’s own tried and tested mold in order to achieve market penetration. While it may be easy to say, “If it ain’t broke, don’t fix it”, it is also more likely a circumstance of unwillingness to try new things, and different approaches that could be the difference between global success, and global failure. The following companies, in an effort to take their businesses to the next step, reinvented their own approach, and employed innovative techniques to bring themselves to the global stage:
DJI Science and Technology Co., Ltd
A shining example of Chinese innovation in the global market place, DJI is the world’s leader in personal drone technology. Founded in 2006 by Frank Wang—an engineering postgraduate—DJI found its niche in the global market through innovative thinking and execution. After looking at Hollywood production companies, who were paying upwards of $20,000 an hour for helicopter-using aerial photographers, Mr. Wang saw an opportunity to repurpose his drones as autonomous, low-cost videographers. Following this stroke of innovative inspiration, from 2009 to 2014, DJI went from having 90 employees to 2,800, and its revenue has gone from zero to $500 million in that time.
Haier is another innovation-driven international success story that has shown that through trial and error, paired with creative minds, a business that may once have been struggling, can overcome inordinate challenges to achieve global greatness. Founded in 1984, Haier has since gone through an array of strategic changes to raise it up from a domestic small-fry to the global powerhouse it is today. On top of this progression through varying businesses strategies, Haier has also found success through innovation via its corporate structure and outlook.
When it comes to corporate hierarchy, Haier sets itself as an example of one of the most dynamic innovators. In 2013, Haier announced the newest stage in its global development plan—the Networking Strategy Stage. Through this strategy, Haier has removed the entirety of its middle management to instead bolster its workers into self-managed teams with incentives for innovation and new ideas from every employee. Haier has doubled-down and pushed for innovation through innovation.
Huawei, China’s leading multinational ICT solutions provider, is another prime example of a company which has utilized innovation from the top down to bring its business onto the global stage. While Huawei constantly innovates through its technology, the most fascinating innovation seen from Huawei has nothing to do with its products, but instead from its corporate structure. Haier eliminated its middle-management to encourage innovation on all corporate levels, which differs from Huawei, which implements a rotating CEO system. In this system, 3 deputy chairmen rotate between holding the CEO position for periods of 6 months. This system has brought Huawei great success, and continues to keep them ranked as a world leader in ICT solutions and as a mobile provider.
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