Innstrat

Innovation: What is it and how do you succeed at it?

Succeeding at innovation as always been paramount to the long term success of organisations. More often than not, it is an existential issue. For a long time, many organisations viewed innovation as a nice to have, something that can be pursued in boom times, when there is spare budget. More recently, majority of organisations have come to accept the need for sustained practice of innovation.

Why every organisation needs to practice and sustain innovation

Innovation serves multiple purposes within organisations and in a market economy. These range from the relatively low profile but important role of sustaining organisations to more radical role of creative destruction, enabling challengers to disrupt incumbents and creating new markets that drives wealth creation for organisations and economies.

Why your organisation needs an idea management platform

For organisation’s that have understood the need to innovate and started out on the innovation journey, the next challenge is how to achieve and sustain high standards of innovation business outcomes. Many organisations celebrate innovation success on the back of a blockbuster product or a disruptive business model that was inspired by an aha moment.

Innovating via Business Models

Innovation is often widely thought about as using technology to create new value. However, innovation is much more than exploiting technology. Most innovations, even when related to technological change and especially those of the disruptive nature, require a strong dose of business model change or innovation. A lead researcher at IBM once said, “For us, innovation is our ability to create new value at the intersection of technology and business”.