Growth strategy thought leaders have long extolled the benefits of separating innovation from the efficiency-oriented core business and managing a dual system. Here's the challenge companies face with this approach, and some suggestions.
Rarely has the future been more uncertain, especially as demand for products slows and supply chain challenges persist. Now is the time to act fast, make the required strategy changes, and thoughtfully rationalize and rebalance your innovation portfolio.
When developing breakthrough innovation, your goal is to quickly and cheaply experiment and learn as you look to validate or invalidate your business case hypotheses. Failure is the only option.
Whether innovating your core products or seeking your next breakthrough, if your organization is still approaching collaborative development with an ad hoc or opportunistic approach, it is likely that you are only achieving pockets of success.
Can companies really build an innovation engine in just 90 days? Based on years of experience in the field, here's Noel Sobelman's take (and some real world examples) on what you need to do to get started and get better.