THE INNOVATION CHALLENGE
Corporations of all sizes, older than 15 years are in jeopardy. It’s NOT due to lack of innovation – it is lacking the understanding how to innovate. TEST: Tell your teams to be more innovate. Respond to the question: “Tell me exactly how to innovate”. Your team learned to handle machines, compile algorithms, develop strategies and business plans, how to sell and how to market, create a long term financial forecast or how to hire talents. They never learned how to innovate or how to create a disruptive business model. Most even set innovation equal to invention.
IN SEARCH OF INNOVATION
Most businesses are seriously challenged and try all kinds of ways: Creating an innovation lab, investing in startups, trying to observe young innovators, hire teams to be creative and innovate – and all kinds of random actions in the pursuit of “finding innovation”. This already went on for decades with no serious success. Young businesses continue to disrupt entire industry segments. Whether it is the car industry, the taxi industry, the hotel industry, the mobile communication industry, the micropayment industry the mobile payment industry and on and on and on. Who is next: the insurance industry, the airline industry, the food industry, the waste industry, the ITC industry, the automobile industry, the mechanics parts industry, the legal advice industry… Every industry will experience major disruption in the coming years. And this is NOT because some kids find better ways to deal with customers – but because the established industries do not care enough about their own and existing customers.
Each and every corporation has its own innovations paradigm. Most don’t even know. The innovations paradigm is the entire complex from market exploration, customer needs and dreams analysis, research & development, prototyping, productions, go to market and global sales and implementation. Innovation is not about building an amazing new toy, which hopefully is loved by everybody. Innovation is creating the whole complex from idea to customer experience to global market success – one new innovation at a time.