Innovation hindered by hierarchical approaches

CORPORATE Australia has become too far removed from its customers, and the problem lies with excessive layers of bureaucracy and too many hierarchies, according to an expert in entrepreneurial risk-taking.

Daniel Abrahams made the comments at Bond University while fronting Think Differently, a presentation highlighting how companies can apply an entrepreneurial approach to disrupt traditional business models, implement change, and be innovative.

Abrahams is director of the university’s Transformer entrepreneurship program, a feefree extra-curricular option for undergraduate and postgraduate students from all disciplines.

He outlined five key elements to transformational thinking — reframing leadership, customer focus, pursuing an agile business model, embracing digital innovation, and fostering a start-up culture.

Abrahams said businesses needed to ensure they were customer-centric.

“Put the customer at the centre of your business model,” he said.

“If the customer’s not at the centre of your business model, redesign your business model.”