Innovation Strategy

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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.

Image courtesy of Astrobotic Technology.

Spurring Innovation Through Competitions

Rather than seeking in-house solutions to problems, companies are increasingly turning to contests to generate many diverse ideas. The authors write that companies are finding “that many of the very best ideas lie outside their organizations, in an ecosystem of potential innovators who possess wide-ranging skills and knowledge.” But the advantages of using competitions to pursue innovation must be set against the potential costs and risks.

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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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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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How to Use Analogies to Introduce New Ideas

While change and innovation clearly produce much of the turbulence that besets modern businesses, research suggests that change itself is not the culprit, but rather how organizations perceive and cope with change. Both people and organizations rely on analogies to help them comprehend change, including the meaning and potential of new technologies, systems and processes. But do all analogies function in the same way? How strongly should organizations adhere to their chosen analogies?

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What It Takes to Be a Serial Innovator

It’s not easy to develop a breakthrough innovation in an established company and bring it to market successfully — and even more challenging to do so more than once. In their new book, Serial Innovators: How Individuals Create and Deliver Breakthrough Innovations in Mature Firms, authors Abbie Griffin, Raymond L. Price and Bruce A. Vojak describe several years of research they have conducted about a type of employee who can do just that.

Image courtesy of Apple Inc.

How to Identify World-Changing Innovation

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Anyone trying to figure out which kinds of innovation are most worth paying attention to has to come up with ways to, as Wired magazine puts it, “size up ideas and separate the truly world-changing from the merely interesting.” Here are seven things to look for.

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How to Identify New Business Models

Companies traditionally pursue growth by investing heavily in product development so they can produce new and better offerings; by developing consumer insights so they can satisfy customers’ needs; or by making acquisitions and expanding into new markets. This article identifies a fourth method: “business model experimentation,” or using thought experiments to quickly and inexpensively examine new business model possibilities.

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Image courtesy of Flickr user soleir.

The Age of the Consumer-Innovator

It has long been assumed that companies develop products for consumers, while consumers are passive recipients. However, this paradigm is flawed, because consumers are a major source of product innovations. This article suggests a new innovation paradigm, in which consumers and users play a central and active role in developing products. The article also summarizes key findings from studies on consumer product innovation conducted in the United States, the United Kingdom and Japan.

Image courtesy of Flickr user kitroed.

Innovating in Uncertain Markets: 10 Lessons for Green Technologies

Lessons from the successes and failures of many emerging technologies offer a helpful guide in how adoption works. This article draws on the authors’ book Wharton on Managing Emerging Technologies and their ongoing research at the Wharton School’s Mack Center for Technological Innovation about why companies so often misinterpret emerging technologies.

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Courtesy of Flickr user Jinho.Jung

Bringing Open Innovation to Services

Services comprise more than 70% of aggregate gross domestic product and employment in the Organization for Economic Cooperation and Development countries. As a result, both individual companies and entire economies face the challenge of how to innovate in services. One suggestion: Companies should both organize their innovation processes to be more open to external knowledge and ideas and also let more of their ideas and knowledge flow to the outside when not being used internally.

Image courtesy of Flickr user rishibando.

The 5 Myths of Innovation

This article explores the process of innovation in 13 global companies. Many of the standard arguments for how to encourage innovation were confirmed, but some surprises were uncovered as well. The article organizes its key insights around five persistent “myths” that continue to haunt the innovation efforts of many companies. The five myths are: (1) The Eureka Moment; (2) Built It and They Will Come; (3) Open Innovation Is the Future; (4) Pay Is Paramount; and, (5) Bottom Up Innovation Is Best.

Showing 21-40 of 105