Management of Innovation

Just as the vacuum of space is full of matter spontaneously popping into and out of existence, business space is always percolating with new ideas. Most disappear without a trace, but many leave their mark. And they tend to accumulate. Competitive products emphasize innovation, customers are increasingly more tech savvy, suppliers constantly advance the level of their offerings, threats of substitutes abound, and the entry barriers for new competitors are becoming largely nonexistent.

The number of engineers and designers working in the global economy is fast approaching 20 million, most of them educated in western universities. And most are working on new products and services. So even if your company has no interest in developing new products or services, it will be exposed, and maybe even vulnerable, to innovation. Witness the relentless drive to digitize everything, from medical records to car rides. Just to keep up with the onslaught of new technologies and their effect on your business you will need an innovation management policy if not a full-blown program. But if you want to dominate your competition you will need to do a lot more, be it an innovation desk, an idea management system or an innovation center, we can help.

A good place to start is to evaluate your Innovation Capacity…

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Modern Ideation

Innovation is the response of an intelligent system to change. It is also what gave humans their competitive advantage as they fought for survival throughout their 100,000-year history. New problems, needs and opportunities require new ways of thinking.

Traditionally, problem-solving methodologies relied heavily on individual intuition and collaborative brainstorming. Today individual creativity is strongly stimulated by the democratization of technology and ubiquitous education. But it can also be stifled by burdening structures and the sheer size of the technology “noise” overwhelming most information channels. As of late, you cannot be seen as truly innovative unless you have AI, IoT or Genomics in your BD portfolio.

In all, there are over 300 ideation methods and their effectiveness is strongly dependent on the area of interest. The most common is standard brainstorming, which is used by 92% of surveyed companies. But when we looked at what prompted the “Eureka” moment for patented inventors in two different industries, packaging and defense, we found brainstorming to be critical to success in one while just a waste of time in the other…

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