Please enable JavaScript.
Coggle requires JavaScript to display documents.
MODULE 1: PRINCIPLES OF INNOVATIVE THINKING (Stages of Innovation Strategy…
MODULE 1: PRINCIPLES OF INNOVATIVE THINKING
Innovation Strategy
Commitment to a set of coherent, mutually reinforcing policies or behaviors aimed at achieving a specific competitive goal.
alignment among diverse groups within an organization, clarify objectives and priorities, and help focus efforts around them.
Without Innovation Strategy:
Diving R&D into decentralized autonomous teams.
Spawning internal entrepreneurial ventures.
Setting up corporate venture capital arms.
Pursuing external alliances.
Embracing open innovation and crowdsourcing.
Collaborating with customers.
Implementing rapid prototyping.
Innovation System Must Be Established
a coherent set of interdependent processes and structures that:
Dictates how the company searches for novel problems and solutions.
Synthesizes ideas into a business concept and product designs.
Select which projects get funded.
Stages of Innovation Strategy:
1. Vision
An image of the desired future/inspirational and aspirational
2. Mission
A clear and compelling goal
3. Goals
Needs/wants to achieve
4. Strategies
Tactical/operational plans to implement the strategy
5. Initiatives
The plan by which the goals and mission will be achieved
The Innovation Landscape Map
1. Disruptive
requires a new business model but not necessarily a technological breakthrough.
2. Architectural
combines technological and business model disruptions. For example, digital photography.
3. Radical
is the polar opposite of disruptive innovation. The challenge here is purely technological.
4. Routine
builds on a company's existing technological competences and fits with its existing business model and hence its customer base.
What proportion of resources should be directed to each type of innovation?
The rate of technological change
The magnitude of the technological opportunity
The intensity of competition.
The rate of growth in core markets
The degree to which customer needs are being met
The company's strength
Managing Trade-Offs
Crowd: many, large number of people, anyone
Source: idea
Demand-pull vs supply- push
Customers' needs vs creating a market
The Innovator DNA
Discovery Skill 1: Associating
Discovery Skill 2: Questioning
Discovery Skill 3: Observing
Discovery Skill 4: Experimenting
How does innovation work?
This work by doing things differently across the entire value chain:
New customers
New delivery channels
New pricing models
New partners
New offerings, to name a few.
Capturing the value in new ways
New growth
New cost reduction
New strategic premiums or
New real options
The Innovation Breakthrough
Simple and Proven Business Models
Emerging and sustaining trends
Basic human needs
Business Model Innovation
Revenue Model
Value Proposition
Value Chain
Who: Who is target customer? (Segment)
What: What do you offer to customer?
Value: How is value created?
How: How is value proposition created?
Methods for Generating Business Model Innovation
The scenario technique - business
model innovation based on trends
Customer Experience Design - Focus on
customer needs
Creative imitation of existing business
models
The Opportunity Creation Process
Identify opportunities externally
Generating opportunities internally
Raw opportunities
Quality hurdle
Exceptional opportunities
Successful Innovation Tournament
Focus on Participation
Intensity, not “volume”
–ve vs +ve
Feedback (Managing negative feedbacks in positive way creates more succesful ideation)
Designing a Winning Innovation Tournaments