In view of creating more competitive regions and industry sectors, innovation capabilities of SMEs play a central role. SMEs are strong economic drivers in many countries, and their ability to innovate will determine the health of national and regional economies in the future. A key support for SMEs in their innovation efforts are public innovation support programmes.
Mike Maples Jr., co-founder of venture capital firm Floodgate, explains how three laws of exponential growth favor tech entrepreneurs: Moore’s law ensures products will possess unprecedented computing power; Metcalfe’s law of network effects compounds the number of users; and the “power law” shows that top performers can achieve runaway success if they get everything right.
Companies are under pressure to innovate faster than ever, and collaboration beyond organizational boundaries is central to accelerated innovation. But few companies navigate collaboration well—or even find the right path to get started. To move forward, companies must change their operating models to enable “digital shoring,” the latest evolution of organizational “shoring” approaches.
In the current digital arena, social networks have touched the lives of almost every human being on earth, allowing us to share life’s novelties with friends and loved ones. However, social networks are not restricted to sharing and commenting on pictures, but giving rise to innovation among individuals to help make our world a better place.
Through scaling, smart movers can quickly build substantial market shares – or define entirely new markets. To help understand scaling we have divided it into three main areas: Emergence, Networks, and Waves. This article is on Networks, the second in a series of three.
In the last chapter excerpt of The Innovation Formula we looked at the role of the business leader, including key strategies to communicate the purpose of innovation as well as taking on the responsibility for the learning of the entire organization as it pertains to innovation. Today, we’ll look at the specific abilities required to organize and inspire innovation practices in your company.
In the disciplined and structured process of innovation we search for unmet needs and unfulfilled desires, and when we think we find them we have to construct a sort of a mental map that defines why our proposed solution will be better than whatever currently exists. We may use the business model map to show how we’re using this innovation to move up and to the right, or we may use the customer value ladder to show how this innovation provides differentiated value. And once we’re convinced that our idea is a really good one, the next step is often prototyping.
Open innovation crowd sourcing methods, when applied to the right problem, can effectively extend the solution provider search beyond the boundaries of an industry. This article presents the application of a targeted broadcast crowd sourcing method to identify unobvious solution providers for a German chain-drive industry consortium. The majority of solutions submitted through this method were previously unknown to the consortium. This evaluation demonstrates the power of open crowd sourcing to provide solutions from discontinuous industries and how effective crowd sourcing can be in open innovation.
This year, a very interesting trend in collaborative innovation can be observed in Central Europe: The once distinct concepts of “Enterprise 2.0” and “Open Innovation” are merging. Firms are taking a holistic view on collaborative innovation and put the question about whether collaborative innovation should happen primarily within the firm’s walls or with externals out of the focus.
Previously, we told you about a research project where we examined more than 60 companies considered to be vanguards in their respective fields. From this group emerged five “serial innovators:” companies that habitually detect where markets are going, and use innovation to meet new customer demand. These companies share a handful of characteristics, the first of which is leadership’s empowerment of innovation, which we addressed in depth last month. The second of these shared characteristics: They leverage interest networks.
Before any company attempts to leverage existing external networks for its open innovation initiatives, it must understand the existing levels of engagement in them and the various levels at which it can participate. This is important knowledge that will help a company develop the right tactics to get the most out of a network strategy.
As digital technology pervades the physical world, the principles of scale are changing in a profound way. Ordinary people armed with smartphones are becoming hackers, co-creating their experiences with marketers. Products themselves are becoming services. Supply chains are giving way to demand chains. Consumers want to be able to combine different offerings to create new mashups and solutions. This is what author Greg Satell calls “The Internet of Things.”
This article shows how biomimicry can be put to effective use in designing innovative networks. It builds from similarities between the brain connectome and innovation networks to lead to a novel concept in innovation – Neuronal Innovation. This new concept shows how organizations can become proficient in deploying and using collaborative innovation.
In the 10 years since Henry Chesbrough published his groundbreaking book on Open Innovation, a lot has happened. Almost any firm claims to do Open Innovation. However, if you look closely, most of the firms do not do true Open Innovation – they are merely running a multitude of open approaches to innovation. This article explains the fundamental differences between “Open Innovation” and true Open Innovation, provides data where firms are standing on their journey to true Open Innovation and gives some hints on what your firm should do in order to take the next step.
Experience and research tell us five key success principles are seen across the cultures of ‘serial innovators.’ The good news: These characteristics can be adapted for any company, regardless of industry.