Scott Cook, co-founder of Intuit and chair of its executive committee, talks about how a company that encourages experimentation will be guided by the best outcomes, as opposed to the whims of those with the most power and seniority. A leader’s role, Cook says, is to define the vision, set up a system of experimentation and savor the surprises.
Successful business model innovations (BMI) can disrupt entire industries and change the rules of the game. While most companies actively look to bring new products and services to the market, business model innovations are usually left to start-ups that have yet to find their ideal value proposition, customers, or overall success formula —incumbents prefer business as usual. Understandably so: expanding products or service lines is easier than changing a firm’s entire strategy and logic.
Clean sheet redesign is the method of rethinking existing businesses from the ground up. For established companies, this is a way to innovate processes by asking the right questions about current practices. For start-ups working on a clean sheet, they can apply similar techniques to disrupt existing models, while taking inspiration from existing success stories from other industries. What can start-ups learn from innovation from a variety of industries, such as airlines and mining?
A group of 80 senior Innovation and HR leaders from a range of Fortune 500 organizations and leading universities recently gathered in New York City to discuss the opportunities, challenges and solutions to identify, support, and drive value from intrapreneurs.
What will the product of the future be like – and how will it be different than today’s products? Generally, all products will become part virtual, part physical. They will be connected, reconfigurable and – hopefully – smart. Also, the business model for their manufacturers will be dramatically different.
We live in an age of change and uncertainty. For businesses, this means that only the most versatile survive —innovate or die. Simply adapting to the digital age is not enough: company survival requires explorative business strategies, to find new opportunities to improve and renew products and services. To attain explorative success you need a combination of both deliberate thinking and intuitive thinking. This article explores how you can balance the two.
In the current business environment, defined by some as the ‘Knowledge Age’, leadership interest is increasingly focused on Innovation and Knowledge Management development efforts. To date, these functions often operate along parallel, yet discrete, paths. As organizations seek new areas of growth, while further cutting costs there is an increasing need to build more effective partnerships in order to ensure ongoing success and drive additional business value.
The traditional consulting business model is based on two principle ideas: (1) hiring people (top talent if possible) and (2) charging clients a fee per hour or day for gaining access to this talent, its expertise and/or manpower. Depending on the type of consulting or the brand, the pendulum swings more towards focusing on providing, and buying on the customer side, the more sophisticated expertise or the simpler manpower.
Thanks largely to rapidly expanding technologies, planning for the future is more important than ever in business. With thorough preparation and some strategic initiative, your business can position itself to take advantage of some of the inevitable changes that are on the horizon for companies across all industries. Here are five ways to get started.
While innovation is crucial for driving customer engagement and increasing share of wallet, companies continue to struggle with the “what” and “how” of it. For each best-practice organization that has streamlined its innovation processes, there are many that are still paralyzed by their haphazard approach toward identifying and evaluating ideas. Evalueserve interacted with many of its Fortune 100 clients and identified six strategies that enhance the likelihood of developing successful innovation programs.
We’ve covered some essential ground to help you prepare your innovation journey, and now it’s time to put these concepts into action. The innovation formula addresses the very specific tasks that have to be accomplished for innovation to emerge from your organization not only as a matter of luck or at random, but through a concentrated effort that results in sustained innovation performance. Here you will find the Taking Action steps along with 25 additional suggestions that we hope will help you to think and plan creatively and productively about how to make innovation a reality in your organization.
The focus of the The Innovation Formula is on the innovation process that makes sense for small businesses, where lean, simple, and fast are essential. You may also be interested in a view of the innovation process that’s suited to larger companies, so this chapter provides an overview of the Innovation Master Plan framework that we use when we’re working with larger organizations on innovation projects and initiatives.
Innovation is as important for small business as for large ones, but most of the books and other writings available focus on the big firms. In his new book The Innovation Formula, Langdon Morris provides insights for the small business leader or entrepreneur about how to be fantastically successful at innovation even with very limited time and capital to invest.
In the second article on innovation stakeholder management, Anthony Ferrier focuses on two examples where he tried to generate broad support for innovation efforts with varying degrees of success. The lessons learned from these experiences provide insights for practitioners to successfully navigate stakeholder relations.
Time and time again I get asked and challenged on an age-old issue of whether or not mind mapping is, at worst, just another fad, a ”nice to have” or, at best, a real value-adding benefit that has a serious place within a business or organisation.