Open innovation is often the best solution, but not always possible, so innovators need to open up their complete toolbox to arrive at solutions.   An Innovation Matrix has been sketched out in a recent book titled Mapping Innovation. Four kinds of business innovations have been mentioned in this matrix. The first form Sustaining Innovation involved road-mapping, design thinking, R&D labs and acquisitions. In this, both domain and problem are well defined. Breakthrough Innovations work best with open platforms and partnerships. Disruptive innovations require a venture-capital backed model as the risks are high. Tracking customer feedback and making continuous improvements to the product are essential. It operates on a 15-20 percent rule. At the simplest level, there is basic research which is heavily reliant on industry-academia partnerships, attending conferences and getting published on journals. Global giants such as IBM, Google and P&G invest heavily in these.

Source:http://innovationexcellence.com/blog/2018/03/11/no-innovation-strategy-fits-every-problem-so-you-need-to-work-with-full-toolbox/

Uploaded Date:17 May 2018