When companies focus so intently on their core capabilities, they are essentially holding onto past successes as if those victories hold all the keys to future ones. They put themselves in a box and ignore everything outside of it.

Embracing dynamic capabilities, on the other hand, means adapting and renewing those core capabilities and thinking beyond the box. It means not allowing past success to hinder new ways of thinking and forward progress. It means being able to see new opportunities as they emerge, and then explore and experiment with new ideas to take advantage of those opportunities.

There exists something today I refer to as “collective blindspots.” These are basically possibilities that stakeholders across entire industries fail to see when they allow the rigidity that comes with existing paradigms to prevent them from connecting ideas across sectors. They are often what stop leaders from taking the necessary actions to make a transformation successful.

But those who are able to make those connections and create new perspectives and ways of thinking about the solutions to their most pressing challenges — those are the ones who overcome the collective blind-spots and lead their industries through  strategic innovation.

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