Welcome to Part 2 of this series where we define a framework of innovation that excites! Today, we’ll explore an approach to identifying sources of innovation that compliment typical frameworks of competitive positioning. We’ll continue the discussion introduced by the first edition, where we introduced the need for innovation and 3 examples of how companies are using innovation to maximize market share and potential profitability.
Search for sources of innovation
The idea here is to have a firm grasp on the current landscape and potential for innovation i.e. the Innovation Mine. This includes what you’re doing as an individual/organization to monitor internal and external attempts at innovation, including the market and competitors.
Once you gather enough information, you quickly realize that they are dots among a sea of ideas. These dots are, in some way, organizational and/or personal capabilities with high potential for profitable synchronization.
So the idea here is to “join” the dots. Think Markets, Delivery, Product/Service Offering, Supply Chain, Technology and Operational Capabilities. Get creative and try to physically map these dots in some kind of space.
Choose sources that are fun and exciting
An Innovation Mine is this space for high profitability though potential synchronization. Getting here, again, is an incremental process after many rounds of brainstormed ideation. Think Potential, Actionable and Unrealistic Mines.
How do you know you’ve settled on the right Mines? Well, if the idea of investigating them further excites you, you may just have found gold.
So, in conclusion, they key here is to choose the mine that makes you and the team most excited to pursue. This is important because the following and final edition highlights the most challenging aspect on the process, implementation!
Looking forward to your feedback and comments. Be sure to follow me on the Socials!