Innovation is not only necessary to thrive in the corporate arena – it is essential for survival at times where starting a business is easier than it’s ever been and access to capital is at an all-time high. A recent study by McKinsey found that the average life-span of companies listed in Standard & Poor’s 500 was 61 years in 1958. Today, it is less than 18 years. McKinsey believes that, in 2027, 75% of the companies currently quoted on the S&P 500 will have disappeared. Under constant pressure to stay relevant, corporates must compete with agile start-ups and adapt to major societal shifts as they arise. While increasing the profit and efficiency of the core business remains top of the agenda for corporates, investment in innovation must also be prioritized. Innovation done right increases competitiveness, improves shareholder trust, and creates brand new revenue streams.