In today’s highly competitive environment the new normal represents speed and value. An abdication of tried and true models designed for placid more predictable times. In the article below by Scott Anthony presents strategies of innovation that are similar to all business fads. They aren’t new. Long before consultants H. J. Heinz founder of Heinz foods for example didn’t have to write a treatise on doing what is essentially just good business. He planted vegetables. He knew he could sell them. Then along the way he realized to grow his brand and assuage would be competitors he would have to add value. So did Anheuser- Busch. Thus innovation models aren’t knew. Just the gibberish surrounding them. Again some people have the tendency to exploit the simple as complex.
Who has already solved the problem you are trying to address? You might think this question helps you drop an idea entirely, but it actually suggests the opposite. One mistake many innovators make is they think that they get extra credit just for doing something original or uniquely difficult. Innovation is something different, surely, but something different that creates value for a customer and the company. And you want to find the quickest path you can to value creation. Follow the advice of the great Spanish artist Pablo Picasso, “Good artists copy; great artists steal.” Odds are someone in the world has already solved the problem you’re seeking to address in some other context. Inspiration might come from a different industry, country, or company, but when you find it, applying that approach to your problem can short-circuit innovation development times dramatically.
What can you do that few other companies in the world can do? The ferocious pace of entrepreneurialism makes it increasingly difficult for companies to innovate at the same speed as the market in which they participate. Speed alone is insufficient. Companies should seek to innovate better than the market in which they participate — by taking advantage of a trusted brand, unique access to a distribution channel, or proprietary technological know-how. Zeroing in on what makes you unique maximizes the chances of creating a powerful and compelling offering. […]
Read full article via How To Design Compelling Innovations With Value.
Jim is president of InnoThink Group and Leadership Matters. He is a leader in workplace learning, productivity, performance, and leadership training solutions. For over 25 years, we have helped companies improve their performance, productivity, and bottom-line results.