SUMMARY: Innovation is an important but difficult task for some companies. The research in this articles reviews specific strategies businesses can use to become more innovative. Instead of trying to marginally improve what they do or sell, companies need to find ways to make major breakthroughs.
CLASSROOM APPLICATION: Creativity and innovation are difficult to teach but important to the success of companies. This article and its insights can help companies and students better understand how to enhance innovation and ideas. Successful companies need to adapt and change over time to remain competitive. New products and services can also help companies grow over time. Ideas can occur when companies change their frame of reference or look for trends in other industries. Another source of ideas is foreign markets or activities that are not a part of the core business. The list of strategies includes building scenarios, using the web as a marketplace for ideas, communicating with lead users, observing customers in depth, examining market segments where the company isn’t a leader, giving employees time to work on project, forming partnerships with entrepreneurs, helping different departments and units share ideas and seeking diversity.
QUESTIONS:
1. How do companies build scenarios that might help them anticipate future products and services?
2. Why might it be difficult for a company to figure out if there is an additional or different segment for its products and services? How did BT Group PLC use this strategy? What did it develop as a result?
3. Entrepreneurs often start companies because they have an innovative idea. How can companies encourage the entrepreneurial activities of employees?
4. Select a product or service you use or are familiar with. How would you make it better or different? How might your ideas help the company better compete? If you are having trouble thinking of a place to start, start with your college or university. Can you think of any changes that might help both students and schools?
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