Innovation Strategies And Approaches Case Study

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Test Innovation Strategies and Approaches
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“ What if death is the only true measure of how you lived your days?

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Innovation is definitely more science than art when approaching it systematically for business. Many argue that innovation can actually be broken down into the following core components: invention, marketing or entrepreneurship and community.

Sustainable Innovation that stands the test of time always tends to be a healthy combination of product and service-centric innovation.

Here are three highly researched and recognized innovation approaches you may want to test:

One approach to systematic innovation can be seen in Larry Keeley’s book, developed in 1998 and updated in 2011, called the Ten Types of Innovation.
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Use the hats to direct attention

“What’s the best approach to innovation in business?” There is none unless you fist craft carefully your Inno-vision i.e. what innovation will do for your business. An Inno-vision must inspire employees and give them passion and purpose. It needs to be simple, be at the center of your innovation efforts and be communicated across all touch points internally and externally in your business. Everyone becomes an Innovation Ambassador at all levels.

In a Booz and Co Innovation 1000 report, the author described the following as Inno-vision drivers:

1. Need seekers (think Apple) "...these are companies who's innovation strategy is essentially around knowing customers better than themselves, identifying unarticulated needs, and then being the first to market with a product that addresses those needs. It's very heavily reliant on direct customer observation rather than market research. It's people telling you what they want, watching customers, seeing how they interact with the product or competitors products, and observing opportunities in the problems that they're
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We are going to use it as a measure of how your company innovated during its lifetime.

Imagine you at the funeral of your company. You have to give a talk on how the company innovated during its life. What would you say? Write out the send off you will give your company at its funeral.

Here are some questions that may help you write your company’s Innovation Obituary:
1. Tell a story of how the company drilled down daily to ensure the Inno-vision was lived within the company culture.
2. Did you create emotional connections with your innovations in the hearts and minds of your teams and customers? Share them.
3. What was the biggest innovation accomplishment of the company during it’s lifetime?
4. Any lessons you want to share from the company’s innovation efforts?
5. The Company was featured several times in major publications for it’s innovation during it’d lifetime, what was the type of innovation revered by the world and what did the headlines of these publications say?
6. What innovation did you company create that would make it still relevant 10/15 years after it’s death in various industries
7. How did th eocmpany’s innovation make the world a better

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