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Innovative Strategies

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History shows that the companies that continue to invest in their innovative capabilities during tough economic times are those that get best when growth returns. …

History shows that the companies that continue to invest in their innovative capabilities during tough economic times are those that get best when growth returns.

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  • Let us discuss on an important strategically part which an company needs to have for the achievement of competitive advantage. Innovative Strategies plays an important role for any organisation to achieve its leadership position. In the coming slides you will find more details and in-depth idea about Innovative Strategies.
  • It has been found that the companies that have an view to invest into their innovative areas and capabilities will certainly be overcomes the tough economic conditions and also mark their growth when good times or favourable time comes. This proves that innovative temperament is required no matter how the external enviournment is. It is found that in the tough times the companies do various cost cuttings and they ignore their innovative capabalities but on the other hand there are some companies who invest on their innovative capabilities in tough times also and due to this they emerge as an leader when the growth returns.
  • So it is very much necessary to focus on an open innovation in the challenging business climate. When we say open innovation it means that we have to kept aside the traditional corporate boundaries and allow our intellectual properties to work for us freely both in the organisation and outside the company , this is very much challenging task but if it is followed it will certainly bring success to the company.
  • To have Innovative Strategies it is required five open- innovation moves and they are:
    Become a customer or supplier of your formal internal projects
    Let others develop your non-strategic initiatives
    Make your intellectual property work harder for you and others
    Grow your ecosystem, even when you are not growing
    Create open domains to reduce costs and expand participation
    All these points are discussed in the coming slides.
  • The first point says Become a customer or supplier of your formal internal projects
  • Transcript

    • 1. InnovatIve StrategIeS
    • 2. Introduction:  History shows that the companies that continue to invest in their innovative capabilities during tough economic times are those that get best when growth returns.
    • 3. In a challenging business climate, focus is crucial. Open innovation can play an important part in the solution by breaking down the traditional corporate boundaries, open innovation allows intellectual property, ideas, and people to flow freely both in and out of an organization.
    • 4. Five open-Innovation Moves 1. 2. 3. 4. 5. Become a customer or supplier of your formal internal projects Let others develop your non-strategic initiatives Make your intellectual property work harder for you and others Grow your ecosystem, even when you are not growing Create open domains to reduce costs and expand participation
    • 5. Become a customer or supplier of your formal internal projects If your business is pursuing an important capability that it can neither afford to develop itself nor acquire on the open market and others in or beyond your industry.  Then join with those others to fund, develop, and launch it as an independent business and become its first customer. 
    • 6. Let others develop your nonstrategic initiatives   If your business is reinforcing on its core activities and you have identified adjacent complimentary initiatives that drain too much attention, time an capital but that might attract outside interest and investment. Then spin them out to investors who can takeover the development burden. Others will fund the progress, and you can keep some equity in case they make it big.
    • 7. Make your IP work harder for you and others   If a lot of your company’s intellectual property sits on a shelf and generates no direct financial benefit & you understand that its value, to you and to others… Then let outside partners benefit from what you’ve created ,continue its development and pay you licensing fees. Many businesses recover their R&D expenses spending in this way.
    • 8. Grow your ecosystem, even when you are not growing   If your company is an active innovator, continually engaging with its customers, collaborators,industry experts trade associations, and others to identify future opportunities… Then build on your ecosystem of potential innovation partners. Be like a Major League baseball general managers, who always know which team will be interested in which player at what price
    • 9. Create open domains to reduce costs and expand participation  If your internal ideas are likely to attract interest from valuable outside communities ,potentially creating breakthrough advances or even changing the game within our industry….  Then consider establishing open domains that either exchange information and ideas or provide shared facilities and services.
    • 10.  Taken together these are complicated activities that should be approached holistically, under the leadership of senior executives in strategic roles.  Darwin taught us that it’s neither the strongest nor the most intelligent species survive; it’s those that adapt best to changes in the environment.

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