The latest Innovation Leaders research shows that there is an increasing number of high-growth companies that are prepared to take greater risk and make big bets. Rather than focus just on incremental growth, they are being bolder and are seeking to develop more radical innovation opportunities. Despite requiring significant investment and offering no guarantee of success this approach has been transformational for some. Where and why is this happening and what has changed that has made this approach more common?
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.
Meg Whitman, president and CEO of Hewlett Packard Enterprise, recalls how HP’s turnaround back in 2011 began with a return to the company’s founding corporate values and business objectives. She also discusses how leaders can take advantage of certain opportunities to carry out actions that can convey a symbolic message throughout an organization and get people’s attention.
In this in-depth article Haydn Shaughnessy discusses why traditional ROI decision making is becoming irrelevant and how options planning is a key element of competitiveness. In these uncertain times firms need to recognise and analyse their options thoroughly in order to be ready for inevitable change.
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.
Med-tech entrepreneur Michael Ackermann cites the various reasons why healthcare has yet to be disrupted by technology akin to how Amazon, Netflix and other companies have transformed their respective industries. Now vice president of neurostimulation at Allergan, Ackermann lists healthcare’s diverse and complex array of consumers, industry regulations, ethical and legal privacy concerns, and the fact that medical science moves at a much slower pace than software development.
Stanford Professor of the Practice Tina Seelig explains how imagination requires active engagement, which reveals opportunities to envision what might be different. Imagination is the first stage of a four-step process that Seelig details for bringing ideas to life.
Before the radical shifts in technology disrupt the industry fabric, there exists a great potential to appropriate value from the market through incremental product and business model innovations. The less intense the competition, less matured the market – larger is the potential. The emerging markets of the world the BRICs (where s could stand for the plurality as well as South Africa), have long been projected as the markets to invest in.
The indulgent reader of my columns has already met the concepts of mesovation and exovation, and now I’m going to introduce yet another neologism: metovation. Meto- in metovation stems from the prefix meta- where I for easier pronunciation exchanged o for a. Meta is of Greek language origin and stands for the next higher level of abstraction.