Innovation

Image of Shanghai courtesy of Flickr user John Chandler.  https://www.flickr.com/photos/johnchandler/9268261356
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The Surprising Effectiveness of “Assembly Line” Innovation

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Unconventional approaches to innovation are speeding up new product development, making R&D faster and cheaper. In China, companies are embracing an industrialized approach to research that allows them to complete projects as much as two to five times faster than they did before. “These developments have potentially huge implications for how companies should think about global competition and whether they need to rethink and reengineer their established innovation and product development processes,” the authors write.

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Innovation Lessons From China

China is becoming the best place to learn how to make ideas commercially viable, even as many multinational companies are growing increasingly wary of doing business there because of concerns about unfair competition and theft of intellectual property. Chinese companies excel at cost reduction, accelerated product development and networked production — and know how to assess what they can do and quickly find partners to fill the gaps.

Procter & Gamble’s Connect + Develop open innovation program nurtures collaboration with individuals and companies globally to develop new ideas and products. Image from Procter & Gamble’s Connect + Develop video http://www.youtube.com/watch?v=SAvwst8FAuk.
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How Procter & Gamble Uses External Ideas For Internal Innovation

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Using its own version of open innovation called Connect + Develop, Procter & Gamble is now accessing externally developed intellectual property to accelerate internal innovation. Its Live Well Collaborative, for instance, was founded by Procter & Gamble and the University of Cincinnati with the goal of specializing in research and development of products and services for the 50+ market.

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How to Win With a Multisided Platform Business Model

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“Increasing awareness of business models and the spectacular MSP successes from the past decade have prompted many entrepreneurs and investors to attempt building or identifying ‘the next eBay,’” writes Andrei Hagiu, an associate professor in the strategy group at the Harvard Business School. But successful MSPs such as PayPal, eBay and Alibaba are the exception rather than the rule. Haigi offers four observations about what new companies can do to position themselves to be among the winners rather than the losers.

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New MIT Sloan Management Review App

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MIT SMR announces the launch of its new app, available for both iOS and Android devices, effective with the Spring 2014 issue. The app features all the magazine content from each issue in a format tailored to a tablet or smartphone.  Features include an easy-to-access table of contents, zoom-in exhibits and sidebars, instant-read footnotes with no scrolling, sharing tools and downloading for offline reading.

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Creating Societal Benefits and Corporate Profits

The odds of launching a new business that creates value for both the company and the public can be improved with good planning. An in-depth analysis of how four companies created for-profit initiatives that also have high societal value suggests that each followed a similar step-by-step process to achieve what the researchers call synergistic value creation. Those steps include establishing cross-business incubators and installing multi-perspective monitoring systems.

Image courtesy of Flickr user squeaks2569.
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“Diverge Before You Converge”: Tips for Creative Brainstorming

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A new integrative process for idea generation uses approaches drawn from education, business model design and more, and breaks down the process of creativity into seven distinct steps. One of the most intriguing steps is number five, “diverge before you converge.” The idea behind it is that the most effective brainstorming processes draw from both individual thinking and group discussion, with individuals coming together only after independent idea generation.

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Video: Leveraging Analytics to Transform a Traditional Broadcast Business

Using big data technology, Luminar is helping to transform its parent company, Entravision, beyond its broadcasting roots. With a data store of 50 million Latino adults with transactional records from 2,000 sources, Luminar has insights on 65% of the US Latino adult population. Luminar is able to provide new, relevant insights to advertisers and marketers interested in reaching the Latino consumer, and in the process change Entravision from a broadcast company to an insights company.

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Strategic Decisions for Multisided Platforms

Some of the fastest growing businesses in recent years — companies such as Facebook, eBay and LinkedIn — are “multisided platforms” that enable interactions between two or more sets of participants. The spectacular success of some of these MSPs has caught the attention of many entrepreneurs and investors. But building a multisided platform business requires savvy decisions on everything from design to governance to pricing.

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How to Position Your Innovation in the Marketplace

Should a new product or service launch at the high end of the market and move downward or at the low end and move up? In truth, there’s no one-size-fits-all approach for entering the market, but a new research-based framework helps identify the best strategy for a particular product or service. The two key questions to ask: Is the basic functionality of the new offering better or worse than that of existing competitive products? And how groundbreaking are the novel attributes of the new product?

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The Discipline of Creativity

Managers can’t afford to rely on haphazard, hit-or-miss approaches to idea generation. Ideas must fit with an organization’s strategy or take it in a new, purposeful direction, and they must solve real problems for stakeholders. A new seven-step process for idea generation is designed to help managers understand their problems deeply, generate tangible ideas for solutions and translate those ideas into action.

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A Little Competition Brings Out Astonishing Innovation

Contests can be big motivators for getting people to bring all their creativity to the table. The Oil Cleanup X Challenge, for instance, shows how an organization can generate new solutions to a known problem. Companies vied for a $1.4 million prize in 2011 to come up with a product to recover oil from the surface of the sea. The winner, Elastec/American Marine, is now preparing to bring its winning design to market.

Image courtesy of Astrobotic Technology.

Spurring Innovation Through Competitions

Alan MacCormack, Fiona Murray and Erika Wagner examine the phenomenon of corporations using innovation contests to attract ideas from beyond their organizations. They write that companies increasingly “are discovering that many of the very best ideas lie outside their organizations, in an ecosystem of potential innovators who possess wide-ranging skills and knowledge.”

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Innovation Process Benefits: The Journey as Reward

What motivates volunteers to take part in innovation projects? And how can companies that sponsor such projects better attract individuals from outside the organization to participate? Christina Raasch and Eric von Hippel investigate the ways that individuals can gain significant benefits from participating in an innovation process — and the implications of that for organizations.

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Using Open Innovation to Identify the Best Ideas

Which parts of your innovation processes should you open up to the wider world? To reap the benefits of open innovation, executives must understand what to open, how to open it and how to manage the resulting problems. According to authors Andrew King, of Dartmouth College’s Tuck School of Business, and Karim R. Lakhani of the Harvard Business School and the NASA Tournament Lab, many organizations “are finding that making open innovation work can be more complicated than it looks.”

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Strategic Choices in Converging Industries

As industries converge and seemingly unrelated businesses suddenly become rivals, managers must understand the new challenges and the long-term implications. A six-year study of convergence in the telecommunications, information technology, media and entertainment sectors by the authors shows that savvy companies choose one of four strategic paths: they become a technology pioneer, a market attacker, an ecosystem aggregator or a business remodeler.

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Capturing the Value of Synchronized Innovation

How can companies coordinate their product development efforts? Research by Jason P. Davis (MIT Sloan School of Management) shows that synchronization can take three forms: proactive planning with partner organizations; reactive action to signals by other companies; or combining these two in a hybrid. Each approach has its own implementation costs and challenges. Moreover, the network of relationships that already exist within an industry affects how quickly synchrony emerges.

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How Analytics Can Transform Business Models

There are 52 million Latinos in the United States, with $1.5 trillion of purchasing power.

Entravision Communications Corporation a Spanish-language media company, reaches about 96% of that U.S. Latino audience through its numerous television and radio stations and digital platforms. It uses that extraordinary reach to provide media solutions to marketers interested in tapping into the Latino consumer market.

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How Innovative Is Your Company’s Culture?

Everyone wants an innovative corporate culture, but how do you develop one? This article posits that the ability of a culture to support innovation depends on six key building blocks: values, behaviors, climate, resources, processes and success. The article also includes a 54-element test developed to enable managers to assess a company’s “Innovation Quotient.” A case study in the article outlines the experience of a Latin American company with the assessment tool.

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The Inside and Outside View of Innovation

How can companies ensure that a promising initiative receives the necessary resources? And why do so many brilliant inventions fail while other seemingly mediocre offerings succeed? Such questions are addressed in two recent books — Unrelenting Innovation: How to Build a Culture for Market Dominance by Gerard J. Tellis and The Wide Lens: A New Strategy for Innovation by Ron Adner. The first book concentrates on a company’s internal workings, while the latter focuses on its external environment.

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