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Innovation culture & strategy - Coggle Diagram
Innovation culture & strategy
Psychological safety: one of the most important aspects in creating an innovative culture.
Culture: How to empower staff and allow them to be more creative?
Risk
Freedom
Give people freedom to work on their own ideas
Engagement
They need to feel part of the company and engaged at their job so they can be 100% creative and engaged
Learning - Failure
What went wrong and how to take things more
Strategy
Purpose
Where will we play - what product categories?
How will we win - how to stand out amongst competitors?
Capabilities - resources
Management systems required
Elements of Product Innovation Strategy
2. Arenas & strategic thrust
: Identify areas to target, which one to prioritise and focus on
Attack & Entry
Attack strategy: Are you more innovative and always the first to penetrate a market or are you more cautious and observe what others do first, and then react.
Entry strategy: How do you enter the market? Is this a new tech for us? Is this a new market for us and do we have the capabilities?
Attack:
Prospector: 1st to launch
Analysers: Replicate prospectors with improvements
Defender: Maintain niche in stable market
Reactor: Respond only under duress
Entry:
Factors/key aspects affect the type of entry strategy
Capability of company staff
Newness of market
Technology required
Entry strategies
Internal development
Acquisition: buy another company to gain capability
Licensing: pay to use a company's existing licence to produce something
Joint venture
4. Deployment
: spending commitments, prioritizing projects
1. Goals and role of innovation in overall biz strategy
5. Strategic product roadmap
: major initiatives and platform developments
6. Tactical decisions
- how do you select which projects you wanna work on
What is strategy?
The plan to get from where you are to where you want to be.
Includes actions and initiatives to ensure you are heading in the right direction.
Innovation Landscape Map
Disruptive (aka spoil market lol): New biz model, existing tech
Architectural: New biz model + tech
Routine: existing biz model and tech
Radical: existing biz model, new tech
Auditing company's NPD
% Revenue from new products
Success, fail and kill rates
Time to market & Slip rate
On-budget
Climate & Culture
Company & Market analysis tools
; impt rtool to shape to competition within an industry
Porter's 5 Forces:
Bargaining Power of Suppliers
Bargaining Power of Customers
Threats of New Entrants
Competitive Rivalry within an Industry
Threat of Substitute Products
SWOT
PESTEL: Politcal, Economic, Social, Technological, Environenmental, Legal
Culture
Visible:
artifacts, behaviours, metrics
Invisible
: beliefs, values, assumptions
