The Truth about Innovation
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Seventy-five per cent of those surveyed anticipated that they would see their market disrupted by the year Most businesses think disruptive innovation is when a small or new company, with only a few resources, successfully challenges existing or long-standing businesses. So, what is an accurate definition of disruptive innovation? According to Christensen, disruptive innovation occurs when a smaller company, with less available resources, overthrows a successful business by targeting portions of the market that the larger company failed to attend to.
Typically the small, new company gains a foothold in the neglected, or lower segment of the market by offering an innovative, more affordable solution.
This initially goes unnoticed by the bigger companies because they are so focused on keeping their existing customers happy by improving their current product and service offering. Think Blockbuster and Netflix.
By no means does this imply that large businesses have stopped innovating. On the contrary; they are constantly finding ways to improve products and services. Businesses recognise that disruption is coming. They understand that it could impact their existing processes and infrastructure, but are still reluctant to change.
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If a business fails to continuously transform itself, it stands the risk of becoming irrelevant. However, this flux in customer preference can also be seen as an opportunity for growth and competitive advantage through disruptive technology and innovation, if embraced by business leadership.
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EY Global, a multidisciplinary professional services organisation, points out that change can be difficult for most companies and leaders who avoid it can land up being unprepared. In order for managers and leaders to bring their teams through this change, they need to start preparing now.
Create open workspaces that allow you to imagine again. Bring creative thinkers together with business thinkers if you want to create conversations that are productive, and have momentum. Always bear in mind the human outcomes that all of this is hinges upon. These are some of the actions you can take to prepare your team for the upcoming disruptions.
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The impact of a sector-wide disruption on any particular company depends on how well that company can maintain a fundamental advantage compared with others within its sector. Keep in mind that the few things that allow you to be better than your competition at what matters to your customers typically outlast markets.
Amazon is a great example of persistently pursuing disruptive innovation in order to stay ahead of competitors. They defined themselves as a store that connected with customers online, with a new and innovative interface that allowed people to exchange views and recommendations about the value of its products.
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Another great example is Netflix — the media company that successfully evolved from its mail delivery strategy to streaming online content. Not an overnight success story, their persistence and willingness to embrace innovation is what allowed them to disrupt the media industry, and ultimately how we consume media, which is still evident today.
Even with a prescribed list of potential strategies, risks need to be taken in order to remain disruption ready. Skip to content Menu Universities. Think living organism rather than static organisation. Create a unique and diverse ecosystem in your business by seeing yourselves more as a host organism that welcomes internal and external sources of innovation, rather than a static organisation.
Focus on bringing people together. Think differently about talent and leadership. Rather, being able to effectively collaborate and connect knowledge from others within the business, and beyond its borders, is what adds real value to the business. Where this might be seen as a hindrance to proceed, being disruption-ready instead means working closely with these regulators to first understand their needs, and then collaborate with their experience and knowledge to see how the business can successfully carry execute the opportunity.
Ongoing commitment to disruption. This is not a once-off investment in being disruption ready, but rather an ongoing company-wide focus on transformation, development, and innovation. The challenge is that when organizations come up with a measurement system, there is a tendency for management to turn it into a target. The point of a measure is to determine whether you are doing the right thing and how well you are doing it.
Consequentially, paradigm shifts, new opportunities, course corrections and innovations are never searched for or seen if they appear. Improvements in speed and deficiency were achieved by adding more masts to carry more sail, with seriously decreasing marginal utility. It took inventors from outside the industry to break the paradigm with steam engines.
Incremental changes to well-established practices will not foster innovation. Innovation takes place in the open and with transparency. In , Goldcorp Corporation put proprietary information online and offered a monetary reward to people who could help find the location of gold deposits. Outsiders eventually helped the company identify sites, 50 percent of these previously unknown to the company. Of these new targets, more than 80 per cent yielded significant gold reserves. If you give information to large numbers of people, you can achieve incredible increases in productivity.
This truth has been exemplified throughout history. The key challenge to open innovation, or the asterisk, is the issue of intellectual property. The Darwinian crucible of the economic system will eventually correct for this. The question is whether it does so in a positive or negative manner. We already see company secrets being breached every day by state, corporate and individual espionage. With tremendous variation and application, having a patent is effectively meaningless in some areas of the world, and in a global economy that eventually means it becomes meaningless everywhere.
Only if enlightened organizations can figure out how to share their IP yet retain their ability to generate value, and enable the economic systems to expand that value tremendously, can we avoid these negative consequences. Stay tuned to future blog posts in which I will explore some of my favorites among the finalists of the Innovating Innovation Challenge, and lessons that can be taken away.
Innovation is a concrete thing because its now part of our life, new innovation makes new opportunity. Innovation involves risk, of course there's always a risk for everything its just that we need to come up with the solutions early. Innovation is a team effort, well it can be team effort or not it really depends. Innovation is an asterisk, well i definitely agree to that because innovations is a continuous process.
I wonder if we would consider a remix an innovation. There is creation and copying or reuse. Is creative and novel reuse innovation? The debate between the radical and the incremental innovation is an interesting one, i am still not sold that incremental innovation is not innovation. Are you saying there is a process for innovation? Isn't it true that innovations are best left to intuition and only intuition?
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2. Willingness to Experiment but Highly Disciplined
Six Fundamental Truths About Innovation. By Jim Stikeleather Jim Stikeleather. February 28, at pm. Innovation involves risk This point seems obvious. Innovation is a team effort There is a general misconception that great innovation is usually carried out by individuals: think of the attention lavished on Steve Jobs, Bill Gates, Henry Ford.
Innovation is hard to measure To understand how much risk an organization can tolerate, executives can develop a set of standards and practices that provide a set of metrics.