Innovate On Purpose


Innovate On Purpose

I experienced a call from a potential customer last week. It was a new client but a vintage story. For a few months, maybe years some professionals got expounded on the necessity for more development and the value it could deliver. Everyone nodded and went back to business as normal, since it was comfortable and safe. A few weeks ago, the federal government issued new regulations in their business, and suddenly millions in income reaches risk because existing products and services don’t align to the new regulations. So what will the management team decide? It’s time for the innovation magic you’ve been discussing.

How quickly can we “innovate” a fresh product that can fill up that gap? There are several issues Let me discuss in this (not) apocryphal story. The first is the idea that far too many businesses are relaxing safely in their comfortable business models, recognizing how delicate those models should never be, how vunerable to small changes. The second reason is the basic notion of the “burning platform”.

The burning system is what’s required to get people to move from existing comfort to an unidentified position that seems risky and uncertain. In the end, it might be better to jump from a burning platform than to wait to burn to a sharp. Year X amount of revenue within one. I remember a few years ago working with health insurers just, who have been confident that the Affordable Care Act could not pass or impact their businesses. Obviously, regulations define your business can change, and when they change can impact a business dramatically.

Too many times businesses and sectors become if rules are permanent and unchangeable, and build business models that suppose a permanence to rules and customer expectations that are unrealistic. In a classic David vs Goliath move, many innovators use these fixed positions to attack the incumbents. Sure, form you business model to conform and benefit from existing rules and goals, but make sure that your model is versatile and nimble enough to change when the anticipations or rules change.

Why, oh why, does the system always have to be arranged on fire by exterior entities or causes? A burning platform is the reason to move, but those reasons are all too often external rather than internal. Which means that most businesses change only when forced to by external agencies, forces or actors. If that’s the case, what role do executives and their strategies play? If all change is thrust upon a business, then build a business that is like tumbleweed – in a position to nimbly move as the winds of change push it.

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For many reasons, businesses appear to change more rapidly and more effectively when the impetus is external rather than internal, but whatever causes the necessity and reputation to change, work quickly. There’s one declaration as an invention professional I never want to listen to. this year with an innovation project 50M in revenue. In this full case, year revenue innovation is being used as a gap filler to achieve current.

While creativity is often applied in an emergency situation, it is not a tool or method well-adapted to crisis operations. Innovation requires careful evaluation of the situation, examination of tendencies, gathering customer needs and identifying unmet needs or anticipations and generating and development viable concepts. In a company where these skills are well-tuned, these activities can take almost a year.

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