Tuesday
Mar292011

8 types of innovation

8 types of innovation

If you have an idea or concept, this tool helps you assess if your organization has the right skills and assets to develop and market the innovation, and make it into something you can be proud of.
Philosophy

Your great idea might need assets greater than your own. In these cases finding a strategic partner can be the right solution.

Explanation

You will review the idea or concept on 8 types of innovation (product, brand, channel, knowhow, process, business model, customer needs, customer experience), and develop a good understanding if you can do it yourself or if you need a strategic partner to make it a success.

Result

A clear assessment of how well the idea or concept fits your organization's competences. There are four possible outcomes:

  1. It fits, you can go ahead and develop it yourself
  2. There are some gaps but with some extra resources you can fill them, and you have a clear understanding of which competences you need to build to make it a success in the market.
  3. There are significant gaps that you cannot fill yourself within the desired timeframe, and you have clear understanding of what your strategic partner should bring to the table.
  4. It is a great idea, but the stretch is too big at the moment. You either stop the project or acquire a company with the right track record.