Companies are struggling with keeping themselves alive when new products disrupt the market. How does disruptive innovation occur and how can companies prepare for that?
In Brussels, the Research & Innovation Program Horizon Europe (FP9) is the talk of ‘EU town’. Horizon Europe is hoped to be the great leap forward of Europe to close the innovation gap to the US and stay ahead of the emerging innovation giant China in the coming years.
Over the past few months I have been spending time with a range of Australian companies, getting to better understand their business models and approaches to innovation.While there is plenty of good news for Australian businesses and their innovation practices (see my previous article), there is a justified sense of concern around maintaining sustained, robust growth in the face of digital and exponential disruption.
What the Australian Economy Gets Right About Innovation; and Lessons for Other Countries (Part 1 in series)
Over the past few months I have been spending time with a range of Australian companies, getting to better understand their business models and approaches to innovation. After working with US / European organizations for many years, it’s been refreshing to see the actions and impact of innovation in this market.
When the Commission for Environmental Cooperation launched a challenge to the youth of North America, they received hundreds of unique, green business proposals. The young entrepreneurs competed for seed funding and came up with some truly disruptive ideas.
Shortly, the demands and needs of approximately nine billion people will be about three times the current resources. At this time challenges will accelerate for the deficiencies of resources and enormous production of waste. Circular Business Models (CBM) is the solution for not only improving resource management and decreasing waste production but also reducing costs and expanding firm performance.
Special understanding is critically needed on how new cyclones of artificial intelligence-laced, blockchain technology-driven digital platforms with capabilities like LinkedIn and baby-Alibaba type models will dance on global trade. Alibaba just broke some records: USD 1 billion sales in 3 minutes, and the other day some 24 billion dollars in 24 hours. This is dancing with global trades and prosperity on world stage. What are these deployment programs and who is stopping such mobilization in other nations?
Taking an innovation, product or other service global has many advantages, but also throws up many challenges. Overcome the challenges and what you are likely to see is a more robust and profitable concern - but get it wrong and you are likely to incur some losses and potentially damage your business.
We live in an increasingly multicultural and networked world where innovation has the potential to transform lives from Austria to Zimbabwe. Leaders and teams are facing changing customer needs across cultures and geographies. If you’re responsible for international products, services, projects, or programs, how are you facilitating innovation and collaboration around the world?
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Rapid changes in technology, customer needs and society forces large organizations to constantly adapt to a changing context in order to remain relevant. Organizations therefore need to shift their strategy from a reactive to a pro-active approach, or in other words, they need to anticipate the future to prepare for it. Developing extreme scenarios paints a picture of the future and poses the opportunity for organizations to prepare for upcoming challenges and to make use of new opportunities.
Here’s a spoiler: 90% of all startups fail. The 10% that make it have one thing in common - they all are bringing in innovation through sustainability. These startups are all about evolving by providing faster results with less wastage. It’s a never ending process of innovating for the present and future generations.
A business plan is at the heart of every business. But instead of just writing down your business plan, your startup’s business model will require proper validation before you start doing business. If you don’t validate it, the investor simply won’t invest. You can validate your business model through three core assumptions: delivering, creating and capturing value.
Ambitious and impractical business schemes can often lack the fundamental elements needed to make them a reality, leaving huge expense and casualties of the blame game in their wake. The business world is littered with the remnants of unrealised programs and unsuccessful plans for development, several of them so high profile as to have attracted national notoriety.
The Internet has forever changed how we work with innovation. Author Marta Domínguez spent the last five years observing the causes and effects of the digital wave and has gathered a list of 22 impacts on the world and your business.
Running a business is tough, no matter what industry you're in. Retaining loyal customers and remaining relevant are some of the biggest challenges faced by today's business owners. Fortunately, you're not alone and your company is not the first to navigate these waters.