Ralph Ohr revisits the key issues today in innovation management.
When we have a great new idea, we want to move fast with it. But we also want impact, and to get that, we need to make sure that we don’t accelerate before we’ve gotten the idea nailed first.
Most new ventures fail because they don’t have enough customers. Unfortunately, entrepreneurs often fail to address this problem, and focus more on getting the product right first. This is a mistake. Lean Startup tools can help you avoid this mistake.
When we make something new, we often don’t give as much thought to building a business model to go with the great new thing. This is a mistake.
If we want to change the world, it’s not enough to have great ideas. We also have to have the managerial skills needed to execute our ideas. The baby incubator from Design that Matters is a great case study showing the obstacles we face.
We often think that great new ideas get adopted rapidly. Unfortunately, this is untrue. In order to innovate effectively, we must understand the role that time plays in innovation.
About 20% of firms based their pricing on real data from their customers. This is mind-boggling – and it present a huge opportunity. Business model innovation is challenging, but that’s why it provides such a great opportunity.
The startup Thumbtack hired a full-time chef a few years ago, and it transformed their business. It’s a great story of unintended business model innovation that we can learn from.
Business model innovation is relatively easy to do when you’re a startup. But it’s also a really important skill for established firms to build. In this post I discuss why, and how to approach it effectively.
Here’s a list of forty different ways that we can innovate. When we start to combine them, we can come with thousands of potential ways to structure our innovation process. Innovating the way we innovate is a huge opportunity.
Can big organisations innovate? Of course they can. This is actually an uninteresting question. It’s more valuable to figure out how to best innovate given your circumstances – whether you’re big or small.
We often think that it’s particularly hard for big, established firms to innovate. Yes, there are obstacles. And yet, many manage to innovate, and to do so very effectively. Dow Corning and their business model innovation in launching Xiameter is a good case study of an innovative big firm.