Implementation of Innovation – PART 02 (CHAPTER 08 (Exploring phase) (02…
Implementation of Innovation – PART 02
"Transformation takes place when a new worldview replaces an old one." – WILLIAM MILLER
Target Market: Millennials
(Discovery phase) (Planning)
Explore internal and external resources for options.
Established companies should make use of new business opportunities on a strategic frontier to create a compelling future.
Identify the company's strategic frontiers.
A strategic frontier is an unexplored area of potential growth that lies between today's business and tomorrow's opportunities.
"Many companies take their industry's conditions as given and set strategy accordingly. Value innovators don't. No matter how the rest of the industry is faring, value innovators look for blockbuster ideas and quantum leaps in value."
– W. CHAN KIM AND RENEE MAUBORGNE
Plan the exploration route
Immersions and interactions
Select exploration activities
Customer value activities
Market dynamics activities
Business model innovation activities
Discover value on the frontier
Gain new insights
One must escape “corporate gravity” through entrepreneurial and contrarian thinking.
Identifying new business opportunities should focus on value — what it is and how it can be delivered or enhanced.
Three pathways to explore value
The goal is to identify customer needs
: ValueProbes & specialists
: Safaris, lifestyle experiences, and stake-outs
Forces that that may have an impact on future markets
: thought leader panels
: Experiments, conferences, and guided journeys
Business model innovations
: Benchmark calls
: Benchmark visits
: Events set up for the exchange of information
: Entering an environment in order to make observations.
Collecting the necessary tools
Insights gathered from the Exploring Phase
The creative process
Turn the insights gained in the Exploring Phase into a new business opportunity
Identify the business opportunities that will exist in the future
Develop the most promising ideas
Identifying important sectors:
customer value, market dynamics, and business model innovation
Identify and place the action items, trends, discontinuities, and milestones that will play a role in the innovation