The Importance of Innovation and its Need for Businesses
Remember Blockbuster? It was the most significant movie rental service of the 1990s. Yet it is no longer around. This is because it did not pay heed to the importance of innovation. Netflix began as a small business, and today’s Netflix market value now stands at $32.9 billion. Even regulated industries, such as taxis […]
What are Innovation Tools and Why Are They Required for Businesses?
Creativity is not a gift. It is a skill we can train with proper innovation tools. Kaoru Ishikawa famously said that quality professionals only need six tools. You can think back to your experiences of performing carpentry or plumbing. There are essentially six tools you use 95% of the time. Innovation management […]
Technical Innovation: Everything you need to know about
Do you know the first model of technology? It’s a WHEEL. The screen on which you are reading this blog. The device on which you scroll shopping sites. The unit you use to charge the device. The element you use to write on a book or draw on an iPad. All these are evidence […]
Innovation Platform – Definition, Types, Benefits, and Examples
The world is rapidly changing and those that are going to survive are companies and businesses that have been set up to change with it. This is one of the reasons why an innovation platform is so important. Growing your business through innovation is a good idea, but, you should know about the platforms […]
Everything you need to know about Incremental Innovation
As Jamie Notter says, Innovation is the change that unlocks new value. The 13th century was the emerging point of innovation as it’s a derivation from the Latin word ‘Novus’. It gained momentum during the Industrial Revolution, as it began associated with science and new machine inventions. And from then there is no looking […]
Ideas Evaluation – Definition, Process, Methods and Criteria
Ideas always have a lot of uncertainty involved and little data to back them up. Thus, prioritizing ideas evaluation and making decisions on which ones to implement right away, which ones to test or pilot and which ones to keep for later will put you in a bit of a pickle. Idea evaluation definition […]
The Definition and Significance of Open Innovation for Organizations
Let’s discuss open innovation through a scenario. Would you say that all the smartest people in the world live in your company? Thought not. This may seem obvious. But, it is a prevalent misconception. It manifests in the way many companies do innovation. They leave all the creative work to employees alone. […]
Breakthrough Innovation – Definition, Importance, Creation and Examples
What is breakthrough innovation? Breakthrough innovation is an innovation from inside a company that pushes something to the next level. So, this innovation is when you bring something new to the world. Breakthrough innovation is an essential concept in innovation strategy as it can demonstrate virtually all societal progress or real economic growth driven by […]
Innovation Management: Meaning, Process, and Tool
What is innovation management? Innovation management is managing the implementation of new ideas. This process includes everything starting with idea generation, developing the idea, planning, and till the very implementation. It works as a systematic roadmap to bring ideas to life. Innovation management deals with promoting idea generation and working to develop these ideas […]
Innovation Strategy – Importance, Development, Implementation, Types and Examples
What is an Innovation Strategy? Innovation is about creating new value for the people who are willing to use and pay for it. A strategy is a plan for harnessing. For example operations, marketing, finance, and R&D to support achieving the competitive goal. If you think about marketing, for example, you will not want […]
