With the rise of the innovation department, numerous organizations are focusing their attention on their company’s ideation rate. A good ideation rate generally predicts other positive company health indicators: profitability, higher employee retention rates, reported customer success, but there’s another innovation health indicator that we think organizations should pay attention to: their implementation rate.
A brand-new car sold by a vending machine and a robot that brings in the laundry - in this article, we'll explore how to prepare for new competitors entering the market.
Let’s face it, creativity separates humans from the rest of the animals. Our species has opposable thumbs and with that, it seems, the inborn drive and ability to alter our environment. No wonder the topic of innovation ability provokes such primal emotions. Yet — like speed, intelligence or artistic talent — innovation talent is NOT distributed evenly across humanity. Given this truth, what is the best approach to driving more innovation in your workforce?
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.
In a recent article, The Financial Brand discussed the biggest threats to the financial and banking industry. They included a long list of everything from profitability to making good hiring decisions. However, we thought that there were a few problems that could be particularly fruitful when applied to open innovation systems.
Innovation is risky. Customers are not asking for it. We are already successful… Getting momentum behind significant innovation is difficult, and sometimes it’s easier for a business to stay in what they deem a safe spot. Let’s look at seven arguments that inhibit innovation as well as their counter arguments.
Before investing in your company’s innovation development, it’s important to develop a strategy for collecting and evaluating ideas. Having guidelines in place to thoroughly vet ideas, value diverse opinions, prioritize scalable and sustainable results, and other areas of innovation management can set you up for success over the long term.
In view of creating more competitive regions and industry sectors, innovation capabilities of SMEs play a central role. SMEs are strong economic drivers in many countries, and their ability to innovate will determine the health of national and regional economies in the future. A key support for SMEs in their innovation efforts are public innovation support programmes.
If you are starting a new business you may be feeling a little overwhelmed by the number of decisions you need to make. You may wonder what secret tricks successful business owners used to ensure that their companies grew in the right direction. Here are twelve tips that you should use in your first twelve months in order to make sure that your company has the best chance to succeed.
The mantra of ideas being worthless can be heard from all corners of the globe. Venture capitalists back founders and not ideas. In 2009, the entrepreneur and author Seth Godin got the nine of his alternate MBA students to come up with 111 ideas each to create 999 business concepts (Godin 2009). The point? To prove that “Ideas are a dime a dozen. The money is in the execution.” But is this correct? Your gut feeling demands that your best insights are worth more than nothing, right? Right.
Although a lot of companies would undoubtedly prefer to keep all of their operations in-house, this sometimes isn’t realistic. Whether you are suffering from budget or other resource restrictions, lack of personnel or a general lack of time to do a high-quality job, many other organisations are available to handle things on your behalf.
I recently wrote an article that outlined a new approach to developing and supporting successful innovation incubators and accelerators within corporate organizations. The article appeared to have touched a nerve as I had a number of people reach out to me to offer their experiences with incubators/accelerators. While I received a range of opinions, I was actually most interested in the stories of failure.
With so much focus on establishing corporate innovation incubators and accelerators, more attention needs to be paid to maintaining effective employee connections back into the business units that will support the newly formed ideas.
Can an organization dramatically improve the quality, speed, and profitability of their new product projects while driving down the risk of failure? Absolutely! Organizations that rely on new products, technologies, and platforms to create customer value, grow market share, enter new markets, increase their profitability, and even alter market and competitive landscapes. In this article Chester Baker, Head of Global Innovation for Abbott Nutrition shares the winning formula for driving innovation in his company.
Can an organization be too customer oriented? What are the consequences of letting short term requirements of existing customers cannibalize the exploration of your own an agenda? How can a sense of meaning be reinstalled in disillusioned development organizations? Read Susanna's latest blog post to find out.
