What is Business Innovation?
The objective for any business is to sustain and grow their activities. The world is changing at a fast pace. It is not only about meeting the increasing demand to adapt to change, but to propose new ways of approaching combinations of transformations. Successful companies are not the ones following a change process, but those that generate and lead change through innovation.
The ten types of Innovation*
*Keeley, L., Walters, H., Pikkel, R., and Quinn, B. (2013). Ten types of innovation: The discipline of building breakthroughs. John Wiley & Sons.
Therefore, to maintain their market performance, companies align their organizational structures and their business models with their innovation policies. The latter takes into account competitors developments, customer needs, and available innovative / dynamic capabilities and technologies. To access new technologies and to develop new capabilities, companies apply open innovation logics and build networks and potentially ecosystems.
All such adaptations provide opportunities to innovate in several different domains at the same time. These domains encompass different topics: Finance, Process, Offering, and Delivery through 10 innovation archetypes presented in the illustration below. Each innovation type requires specific skills and knowledge to manage a specific change.
Our MBI program aligns the different innovation logics and innovation types deployed by firms to reach their strategic goals.
Stage Gate Process
This stage gate process illustrates how inception to market delivery is a series of deliverable each of which will need to be met throughout the innovation journey.
Each step can be considered vital like a sequential process:
- The generation of new ideas
- Selecting the best ideas (user insights adequacy with available technologies and skills) in order to reduce market uncertainty
- Prototype development or test phase application (project efficiency verification; business and use modeling)
- The organization of mass production (structural and organizational adjustments)
- The launch of the project (lead-user tests; marketing; communication).