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When the innovation well runs dry

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The problem is that for a lot of these larger companies they have been responding to the difficult economic times by reducing the amount that they spend on innovation,

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When the innovation well runs dry

  1. 1. WHEN THE INNOVATIONWELL RUNS DRYFor additional information about Innovationplease visit www.InnovationGrow.com
  2. 2. www.InnovationGrow.comMany large companies have been innovating for years with greatsuccess by not only creating and launching new products, but creatingnew product categories.The problem is that for a lot of these larger companies they have beenresponding to the difficult economic times by reducing the amount thatthey spend on innovation, which is resulting in far less meaningfulinnovations.Relying on any business strategy without innovating on the possiblenegative outcomes is a dangerous process that many large companiestend to make if they get complacent. By reducing the innovation spendthey aren’t allowing their highly creative innovation teams to drive thesolution and work on a possible blockbuster innovation.2
  3. 3. www.InnovationGrow.comDrawing on the unique experiences and expertise of various peoplewithin the organization allows companies to leverage the creativepotential and reduce the cost of innovation.Focusing on the solution and then letting all of these people come upwith ideas is a great start, but there needs to be a process in place tomake sure that they ideas can be tested and implemented in a resourceeffective way.The economic future may be unstable but using all of the creativeresources that are available with the company will allow these largeinnovation factories to restart and to once again pump out innovativeconsumer products.3
  4. 4. www.InnovationGrow.comIt is important to balance the innovation of new products with theiterations and improvements on existing products for best results.In times of economic plenty it is often the case that companies shifttheir resources to innovating new products, but the focus shifts whenthe economics are a little more turbulent as they tend to beconservative and just iterate on their existing line.For best results independent of the economic climate, a balancedapproach should be used that cycles periods of new innovation withimprovements and iterations.4
  5. 5. www.InnovationGrow.comIntroducing other means of innovation can be a cost and resourceeffective way to continue producing ideas and solutions.Some of these methods include co-creation with customers, openinnovation, or strategic partnerships.Having a strategy that cycles and uses each of these methods that makesense for your business strategy can allow you to innovate in anysituation.5
  6. 6. www.InnovationGrow.comWhen the innovation well starts to run dry up there are plenty of waysto spark new innovative idea, but make sure that you keep as manyresources available for innovation will help to keep this from happening.Periodically using your innovation process to create solutions for a moreeffective process can keep the resources that it requires to a minimum;without sacrificing any of the quality of ideas.If your company is having trouble with internal innovation processesyou can leverage your network and introduce even more creative powerinto your business.6
  7. 7. GROWING BUSINESS WITH INNOVATIONFor additional information about Business Innovationplease visit www.InnovationGrow.com

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