A study has been concluded by consulting major BCG on the state of innovations globally. Some companies have been identified as the strong innovators, while other as the weak ones. The ideas for new projects or innovations come from a wide net of sources for the strong innovators as opposed to the weaker ones. Internal sources account for a substantial portion of those. But in addition, strategic partnerships with other collaborator companies also play a part, as do specific incubator projects and employee ideation forums. External business consulting firms hired to generate ideas are another major source, in addition to acquisitions, licensing deals, social media network and big data mining. The strong innovators are also good at leveraging data from multiple sources such as their own proprietary data, patent data, scientific literature, semantic works and natural-language processing. These effective innovators use such data in identifying new themes, revealing market trends, understanding ecosystems, providing the necessary inputs to the ideation process, informing innovation investment decisions and identifying potential external success stories. This external innovation tapped into, helps companies find the next big thing, avoiding being disrupted, establish links with startups, attaining a leadership position in tech and building a network full of collaborators.

Source:https://www.bcg.com/publications/2017/growth-casting-a-wide-innovation-net.aspx?linkId=47934479

Uploaded Date:23 February 2018