Doing more of the same old product improvements, extensions and modifications – product renovation – won’t deliver the sales and profit impact needed to grow the business. To the great majority of businesses, product development means line extensions, improvements and product modifications and only serves to maintain market share. Firms increasingly compete for a piece of a shrinking pie by introducing one insignificant new product after another. The launch of a truly differentiated new product in mature markets is rare these days.
From incremental to breakthrough innovation projects, managers need to handle different activities and with them dissimilar venues of risks. In this article the internal, external and hidden risks of incremental, differential, radical, and breakthrough innovation projects are identified and ranked accordingly. In addition, for every category a general innovation eco-system has been analyzed.
How might you foment authentic breakthroughs through collaborative innovation? The fuzzy front end, by name and nature, fails to lend itself to foregone conclusions. Yet, as the innovation practitioner, you can take certain steps that increase the likelihood of achieving breakthroughs. In this article innovation architect Doug Collins explores the most critical steps for people who see the practice as a means of transforming the organization.
Can we create an environment where innovation is more likely to occur? Blogger Vanessa Miemis recently posed this question to her readers, and they replied with a resounding “yes!” Themes included creating cultures of play and emotional safety, challenging assumptions, giving permission to try new things and using storytelling to spark new thinking.
Do you often find yourself procrastinating on important, yet non-urgent matters in order to take care of the stuff that needs immediate attention? This all-too-common circumstance also takes place on a larger scale. Bengt Järrehult walks us though how to deal with the incremental and breakthrough projects at the same time
Resourcefulness amid serious constraints is known in India as ‘Jugaad.’ In this article, Accenture’s Mitali Sharma suggests this simple concept — which gave birth to a $2,500 car, a $12 solar lamp, and a life-saving incubator made from car parts — might be the antidote to the complexity plaguing your innovation process.
Challenging the first and second wave of answers and assumptions helps creative teams move on to breakthrough ideas that appear in the third wave, says Dr. Tina Seelig, executive director of the Stanford Technology Ventures Program. Here the lecture audience participates in an exercise that reveals a group’s willingness to go with the first right answer, which can be major barrier to unleashing full creative potential.
If they want to compete successfully in the future, companies should hold off on rapid ideation and faster commercialization until they take an unflinching look at what is truly stifling breakthrough innovation. In this article, Soren Kristensen provides insight on how honest self-reflection can free you from your biggest impediment to growth.
Consider this all too familiar scenario: Company X’s new products developed and launched with great expectations, yield disappointing results. Yet, these products continue to languish in the market, draining management attention, advertising budgets, manufacturing capacity, warehouse space and back office systems. Wouter Koetzier explores how to avoid the innovation death spiral.
Eminent chemical engineering scientist, RA Mashelkar, describes the challenge of creating value for many instead of value for money; we need to get “more from less for more.” In this inspiring speech he shares stories of innovation, passion and compassion.
In this book review Paul Hobcraft looks at “Service Innovation: How to go from customer needs to breakthrough services,” a book by Lance Bettencourt, published by McGraw-Hill.