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Three innovation strategies
 

Three innovation strategies

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    Three innovation strategies Three innovation strategies Presentation Transcript

    • Three Innovation Strategies Technology Driver, Need Seeker, Market Reader
    • Innovation Strategies
      • BCG has stipulated that firms follow at least one of three innovation strategies:
        • Need Seeker
        • Market Reader
        • Technology Driver
      • Selecting the appropriate strategy or strategies and implementing them appropriately can greatly impact the success of innovation in your business
    • Three Focus Strategies Technology Driver Need Seeker Market Reader Increasing Customer Focus Increasing Technology Focus Increasing Market Focus
    • Technology Driver
      • Based on the concept that the firm can create interesting, relevant technologies that solve customer needs
        • Firms that pursue this strategy must also be the technology leader in their field
        • “ Inside-out” innovation. Company creates innovations that find or create markets
        • Driven by technology, not needs
        • Limited breadth of innovations. Typically limited to new products. Few services, business models or experiences
        • R&D focused. Typically much of this innovation happens in the lab. Less innovation outside of R&D.
    • Need Seekers
      • Strategy to seek out customers and understand unmet or unarticulated needs. Deliver products and services that meet those needs.
        • Company needs to have an active engagement with customers or consumers
        • “ Outside-in” innovation. Discovering needs in the customer and prospect base
        • Identifying needs, then linking to capabilities
        • Great breadth in innovation outcomes – products, services, business models, experiences
        • Innovation is driven from marketing and product/service development
    • Market Readers
      • Strategy is to evaluate current competitive landscape and forecast trends to spot emerging opportunities or threats
        • Company has an active forecasting, trend spotting and competitive intelligence program
        • “ Outside-in” innovation. Rather than discovering needs, discovering opportunities
        • Once opportunities are identified, generate ideas to address them
        • Great breadth in innovation outcomes – products, services, business models, experiences
        • Innovation is driven from strategic teams at enterprise and business line or product teams
    • Risks
      • Technology Drivers
        • Solve a problem for early adopters but miss the late adopters and majority
        • Assume all innovation is based on technology
        • Miss signals from the market or based on customer needs
        • Innovation output is only physical products
      • Need Seekers
        • Place too much emphasis on a subset of customers
        • Misread the needs of the marketplace
        • Solve short term needs but miss longer term needs
      • Market Readers
        • Chase interesting but irrelevant trends
        • Build scenarios aligned to current strategies
        • Identify needs but can’t react in time to benefit
    • Conclusion
      • Using any one of these strategies in isolation is dangerous
        • Each perspective is too narrow
        • Either ignores the internal capabilities or the external demands and changing markets
      • Should use one dominant and at least one subordinate strategy
    • Recommendation
      • Start with Market Reading
        • Identify longer term trends and emerging opportunities
      • Next, apply Need Seeking
        • Within the scenarios identify customer wants and needs
      • Then apply Technology Development
        • What capabilities or technologies can we bring to bear on those needs within the scenario