Notions of innovation commonly get tossed about in the healthcare space — and, often, approaches to innovation come in two distinct flavors:

At larger organizations, innovation is often the purview of a specific department or division. Here, great talent is often recruited, collected, and encouraged, but the department or division itself is siloed from the culture and objectives of the organization as a whole.

In contrast…

At startups and smaller organizations, a spirit of innovation is spread far and wide throughout the (admittedly modest) company. There may be a great collection of talent, but there’s no need for an ‘innovation division’ at all — because the very existence of a startup indicates innovation and disruption is likely happening.

The differences between larger organizations and startups hardly end there. Let’s take a look at a few more:

Speed

At larger organizations, it’s frequently a challenge or a hassle. Frequently, a lot of stakeholder ‘buy-in’ is needed before risks can be taken and paths can be charted. The larger the company, the more glacial the pace.

That’s why smaller organizations and startups excel at speed. Particularly within a company’s early days, when only a few key decisionmakers are in play, big ideas are executed quickly and without much fuss.

Reputation

Both startups and large corporations can draw significant talent — but larger organizations reap the benefit (or detriment) of a well-established reputation. Assuming, of course, this reputation is positive, and carries name-brand recognition, it can position large organizations with an invaluable reservoir of trust.

In contrast, startups and smaller organizations have slim or no reputation, unless, of course, they’re guided by founders or executives who are themselves well-trusted.

Impact

Without question, an innovative large organization can leverage a massive amount of impact — and with it, an enormous amount of responsibility. The larger the company, the bigger and deeper the footprint.

In its earliest days, however, a startup or smaller organization carries almost no impact — because it may not even yet have clients!