May 8, 2017 | By: InnovationManagement | In:
FEI Takes You through the Entire Innovation Process From ideation through to execution. Get the tips you need for creating fast, agile & opportunistic innovation teams to turn a great idea into a market winning product. Design Thinking Customer Driven Innovation Disruptive Trends & Tech/Growth Strategy Sparking Cultural Change Business Model Innovation De-Risking Open Innovation […]
This case study explores the results of an innovation research process undertaken by Oxfam, which compared internal feedback vs. general public feedback to identical sets of ideas. In comparing responses between these two audiences, Oxfam discovered an immediate and obvious divide between their staff’s opinions about which fundraising ideas would perform the best, versus what the general public preferred – an important lesson about avoiding the bubble of the echo chamber.
One of the greatest challenges facing innovation professionals is to find the right approach to a given innovation problem. Whether that’s instilling the innovation mojo in a large corporation or simply helping teams become more innovative, the ways to do this seem to be more of an art than a science. However, during the last ten years there has been a strong push to turn this art form into more of a science.
Recent advances in technology put Internet-of-things (IoT)-innovation on top of the management agenda across industries. It is predicted to increase economic value by $11.1 trillion in 2025 (McKinsey 2015). The Service Science Factory and Noventum collaborated on this article to present a state-of-the art view on the Internet of Things and how to implement this vision within organizations.
Companies once deemed “too big to fail” are increasingly exposed to failure. The threat of disruption is everywhere. Startups are taking on the Goliaths in every market. Scores of malls across the United States are in collapse. Many household brand names are losing ground or even shutting completely. Regardless of industry, businesses face digital Darwinism, the evolution of technology and markets. Disruption is just a matter of when, where and why. To compete, executives must make tough decisions but more so, they must look to new horizons for new insight and direction. Whether companies thrive or cower in the face of digital Darwinism is a choice.
Many executives talk a lot about innovation, but they don’t really know how to make it happen. A corporate innovation team asks themselves: How do we “educate” our executives on innovation management and develop stronger corporate innovation capabilities together?
MobileIron Co-Founder Bob Tinker describes the next challenge for a startup after figuring out product-market fit, and that’s achieving what he calls “go-to-market fit.” This entails three things: deciding on a sales model and committing to it, developing a repeatable sales and marketing routine that secures and delights new customers, and positioning the business so it aligns perfectly with the problem it is addressing.
Our existing organization needs to envisage a changing world full of disruption that calls for radical change. To meet different challenges, to be highly adaptive it needs to begin to organize around ecosystems to deliver on a vision that recognizes it has to be part of a greater collaborating network to thrive in this highly connected world.
What external stakeholder groups can you tap into to build value for your innovation initiatives? Are your relationships with these external stakeholder groups solid or do you need to do additional work to build good, mutually beneficial working relationships? Are there potential stakeholder groups that you have not yet tapped at all? If so, what is your plan for reaching out to organizations within these pools so that you can further expand your innovation ecosystem? Are your channels for communicating with your external stakeholders strong or do they need further work?
When it comes to transformation programs, internal alignment forms the foundation for strategic success. Naturally, aligning an organisation to its strategic priorities requires serious upfront investment in terms of time. But without this time, it’s a case of ‘fail to prepare – prepare to fail’.
Innovation: We all have seen the biggest, most successful companies talk about it and share their success stories. We have read about it in the latest business journals and magazines. We all want it in our organization but the right recipe with the right ingredients is often elusive. In this article we will share different views and discuss key ingredients required to create, execute, and innovate in your organization.
The importance of innovation for organizations to remain competitive is widely discussed and well accepted by scholars and practicing managers. However, failures in innovation attempts are quite common and raise many questions. Why do firms with innovative products fail? Does market acceptance of innovations alone guarantee continuous success? Is it innovation strategy that can ensure long-term prosperity? One can argue that it is not only how to innovate that matters, but also where, what and when to innovate that make the difference.
Too many notes, Mozart was once told. Too many ideas, we might say today. The culture of innovation is awash with idea generation and its sidekick, fail-fast fail cheap innovation. Worse, we need a culture of transformation not just innovation. Accenture recently reported that 81% of executives they interviewed see platforms as central to their strategy over the next three years.
Paul Brody is a Global Innovation Leader in BlockChain Technology and a Solution Leader in the Industrial Internet of Things at EY. Paul has spent more than 15 years in the electronics industry and has done extensive research for his clients on technology strategy. Paul understands that technology is deeply rooted in strategy, but it gets complex as new technologies and disruptions arise in our modern world. For example, the moment self-driving cars are perfected, it will cause a huge disruption in our economy, so how can we navigate through it?
Why do so many companies seem to be sitting on the sidelines when it comes to creating connected products and designing services that tie into them? The cost of adding wireless connectivity to a device is plummeting toward $1. Projections about how many Internet of Things (IoT) objects will be part of our lives, at work or at home, range from 12 billion by 2020 (Cisco) to 50 billion (Ericsson and Intel).