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With the exception of two industries- chemicals & energy and aerospace & defense- every other has seen an increase in R & D spending in 2018. Four of these industries tend to dominate the list of the top twenty spenders. These four industries – healthcare, auto, software & internet and computing & electronics- also account for 76% of the total R & D taking place. In the last of the industries mentioned, a third of it may be attributed to the two giants Apple and Samsung alone. Spending on business research and development also varies depending on the region. China and Europe account for 34% and 14% of the total spend worldwide. One thing that the best of the innovators get right is the alignment between their innovation and corporate strategy. A company- wide cultural support is provided to this innovation strategy. Innovations are based on insights emanating from customers themselves. The top management of such companies gets directly involved in the process. They also tightly control the innovation project selection.

Source:https://www.strategy-business.com/feature/What-the-Top-Innovators-Get-Right?gko=e7cf9

Uploaded Date:29 December 2018

Billions of dollars’ worth spending takes place each year by governments and private corporation towards business innovation. However, more often than not this ends up frustrating the proponents, due to the extremely low success rates. A lot of money instead gets diverted towards attention-grabbing activities such as new service systems, different business model or newer customer experiences. This innovation must be considered from two ways. One is the Innovation Capacity, while the other is the Innovation Ability. The former as the name suggests is about the ability to churn innovations. This depends on the current staff and the industry one is based in. The second is about the internal mechanism in place, which can drive innovations. The second is usually more important as evidenced through multiple cases, such as that of Nokia during its crises years. The value drivers need to be analyzed from the prism of this innovation ability. Ultimately, no such drive will succeed without the premise that all of this is for shared value creation.

Source:https://hbr.org/2018/08/the-right-way-to-spend-your-innovation-budget

Uploaded Date:27 November 2018

There is a lot common then meets the eye between Walt Disney, Thomas Edison, James Dyson and the Wright Brothers. They all orginated groundbreaking innovations, yet they had all failed initially. It was out of tremendous perseverance, that they were able to get their developments off the ground. Companies similarly need to create such an environment to support and reward business innovations. An enabling infrastructure needs to be curated likewise. Any projects that are ideated need the necessary space and time to develop. These innovations must not be seen as end goals themselves, but as part of the learning curve. The kaizen philosophy has to be followed in this. These innovations must be managed with clear structured rules of the game being defined from the very start. A knowledge base needs to be curated to help the participants as well as to track their new insights gained.

Source:https://www.innovationexcellence.com/blog/2018/11/11/if-at-first-you-dont-succeed/

Uploaded Date:21 November 2018

Five questions need to be posed before one makes the leap towards innovation. The first is to understand whether the stated business innovation can sustain or disrupt. The next one is about the nature of collaboration in case needed. The said innovation may not yet be ready to arrive into the mainstream, so may start off with pilot runs. Some breakthroughs are more ambitious, so the level of the same has to be clarified. A lot of times, it is numerous small steps that come together to bring on a transformative innovation. Finally, one has to put aside what ideas are being tested and the methods for doing the same.

Source:http://mitsloan.mit.edu/ideas-made-to-matter/5-questions-to-ask-making-leap-to-innovate?utm_source=mitsloantwitter&utm_medium=social&utm_campaign=leap

Uploaded Date:21 November 2018

As aesthetics have become such a key component of business, customer-centric product designs are now being curated. One such breakthrough in design thinking is the focus on detail and durability by Osprey. Similarly, Dyson has developed a more convenient vacuum cleaner. The Netflix show Black Mirror created an interactive episode with the viewers. OXO Good Grips has worked on inclusiveness by making itsproducts accessible to all. Intuit’s Quick Books has helped smaller businesses use accounting software more easily. A business innovation brought to the market by Thrive Market was simply into healthier products. Shake Shack meanwhile has come up with its best burger till date. The combination of beauty and function has worked wonders for the users of Beats by Dre products. Samsung’s new TV called The Frame is a milestone in design works, as it is literally art. The work of Pull-ups has been especially commendable. Its innovations have helped parents, while also allowing toddlers to feel all grown up.

Source:https://www.forbes.com/sites/blakemorgan/2018/11/12/the-10-most-customer-centric-product-designs/#4698b263ab9c

Uploaded Date:21 November 2018

Retail is one industry which is evolving fast. The downfall of iconic brands such as Sears and Toys R Us might lead one to fear these changes, but in fact it is merely a churn and not an overall decline for the industry. Forbes has released its eighth annual 30 Under 30 for the retail segment. On top is the husband-wife duo of Kory and Mallory Stevens who cofounded Taft. NBA star Dwayne Wade is a key patron, and Taft has received decent angel funding investment. Eric Huang and Steven Mazur are inducted into the list thanks to their business innovation in men’s dressing for those below 5’8” in height through Ash & Erie. Also on the list is Jenna Kerner who along with Wharton MBA alumnus Jane Fisher started off Harper Wilde. The list is diverse and inclusive. Some of the other key members included are Kimberley Ho, Karissa Bodnar, Paul Michaux, Melanie Masarin, MichaleKrakaris, Jessica Schinazi, Shan-Lyn Ma and the Bercaw sisters- Caroline and Isabel.

Source:https://www.forbes.com/sites/vickyvalet/2018/11/13/30-under-30-in-retail-ecommerce-2019-meet-the-visionaries-reinventing-how-we-shop/#f89dee340bcf

Uploaded Date:17 November 2018

One of the reasons for the spread of bias which then affects decision making is the dominance of the insider views. While estimating the success or failure and the financial implications of any project, team leaders and strategists tend to take in the data of only those factors within their control, while promptly ignoring extraneous factors beyond control. To get the ‘outside view’, one has to start by building reference classes. The purpose of this is to minimize the occurrences of surprises once the project hits the ground running. A good example of the inability to build such reference classes is with EMI’s foray in to the CT scanner. Since they only took in the internal view, which was all hunky-dory, by the time the product was launched, there were several competitors who had already launched theirs. This business intelligence needs to be collected on the market and competitors to develop a better market strategy. And contrary to popular perception, the time needed to build these reference classes isn’t so much.

Source:https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/bias-busters-taking-the-outside-view

Uploaded Date:13 November 2018

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