Sunday, 27 September 2009

Managing the innovation agenda: Model

In order to find out the way how different companies manage innovation agenda it is useful to break down innovaion into 4 categories:

I believe that some companies do manage innovation agendas and it is very useful to do so.
Companies manage innovation agendas in a different way according to their notion of work.
For instance if the copmany is more product based ( Sony, Apple, Panasonic etc.), then they use product innovation. But the thing is that they have to decide wether it is going to be radical or incremental. Meaning if they are willing to create completely new to the market product (like iPod), or improve the features of the exsisting one (for example plazma screen tv's) However, it will usually cost more to produce something new than to improve an exsisting product.
There is a completely different story with position innovation when company creates absolutely new markets, or redefining the perception of the product to customer. From the examples I gave we can see that companies, especially well-established ones, do manage the innovation agenda but differently. I also think that this model is very useful, because I believe NOW is he time when companies should rethink the way they operate because it is huge opportunity to innovate at the times of crisis in order to survive in the global arena.
(model is taken from the presentation on 'Building an understanding of Innovation')

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