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Tag Archives: business innovation
We’ve written a guest post at Starting-business.in on the topic “Six Examples of Open Innovation.”
Here’s a teaser:
Historically, companies would create huge divisions that closely guard the innovation they were researching. This made sense: if you were going to spend a lot of money coming up with the-next-big-thing, it was important to keep that innovation proprietary so another company couldn’t profit on your research.
Open innovation, on the other hand, is the belief that working together, companies can move forward faster. This means that the company can look outside of themselves for ideas about how and where to move forward. It also means the company will acquire acquire patents or licensing processes from other companies. Others are taking advantage of unused intellectual property through licensing, joint ventures and spin-offs.
In my book Innovation Strategy I state that the convergence of the resource-based view and the knowledge-based view is important in establishing the sustainable competitive advantage all firms want.
Historically we have focused on technology as a source of innovation that creates rare, valuable and inimitable resources. Creating intellectual property rights around these assets is the ultimate manifestation of human capital. In my book I state:
A good example of an industry that could be at a tipping point of technological disruption is the smartphone industry. The source of this disruption is the multi-touch technology that flips and spins at the touch of a finger. Apple filed patents for this technology at the end of 2007 when it first introduced the iPhone. In the middle of 2011 Apple was awarded the patent on the multi-touch on mobile devices. As late as December 2011 a court ruled that HTC was in violation of this patent.
In my book Innovation Strategy I argue that we must move innovation beyond research and development. Most firms do not have an R&D lab, but all have a business model. I quote Mark Johnson’s research that indicates in the last decade 14 out of the new 19 new Fortune 500 are because of new business models not new technology.
Sustainability in terms of your business model has had some new developments. (more…)
From the press release:
The study reveals that innovation leadership is becoming increasingly important, with 43 percent of respondents stating they have a formally accountable innovation executive in place, responsible for driving innovation, compared to just 33 percent last year. This rise of the ‘chief innovation officer’ suggests driving innovation is becoming a key priority for companies everywhere. However, despite this, the majority of companies (58 percent) still do not have an explicit innovation strategy in place, with most companies considered ‘innovation laggards’ (38 percent) and just 7 percent classed as ‘innovation leaders’.
The study emphasized the need for more companies to focus on innovation strategies that work from the bottom-up, instead of relying on the CEO to be the thought leader on innovation.
For more information, read the full report: Annual Global Innovation Leadership Study 2012.
Calling all American innovation strategists! Who plans to go the the Association for Strategic Planning’s 2012 conference in Illinois? Our founder Dr. Howard Rasheed will be there, talking about (what else!) strategic innovation.
The ASP annual conference will be:
April 30 – May 2, 2012 in Location Lincolnshire, IL at the Lincolnshire Marriott Resort.
Here’s the low-down on what Dr. Rasheed will cover during his presentation.
Innovation Renaissance: 7 Strategies for Reinventing Your Business Model
Session Date: Tuesday, May 1, 2012 – 1:15 p.m. – 2:30 p.m.
Business models have become the new frontier of innovation, strategic transformation, and value creation. In fact, of the 19 new Fortune 500 companies in the last decade, 14 are the result of a business model innovation and not because of a breakthrough technology or product innovation. In a survey by the Economist Intelligence Unit more than 50% of executives predicted that business model innovation will be even more important for success than product or service innovation This interactive workshop will familiarize strategists with tools to effectively reinvent the business model of their organization and clients.
About Dr. Howard Rasheed
Dr. Howard Rasheed is a professor, speaker, and author, internationally known as “The Innovation Strategist” for his ground breaking ideas on innovation and creativity. As an entrepreneurial visionary, Dr. Rasheed has owned, operated, and created a number of multi-million dollar ventures. He is the Founder of The Institute for Innovation www.thei4i.com, and is an Associate Professor of Business Strategy and Entrepreneurship at the University of North Carolina Wilmington. He teaches in the areas of Innovation and Technology, Business Strategy, and Entrepreneurship. Dr. Rasheed is the author of two recently release books: Innovation Renaissance: 7 Strategies for Winning the Future and Yes you Can! Reaching your Potential While Achieving Greatness.