Jason Goldberg’s recent blog post on innovation has spurred an entry I’ve been putting off for a while. Back in Feb, I attended an IBM conference on innovation (in preparation for a Global CEO Study on Innovation they recently released). The study was quite interesting and discussed some of the current drives of innovation.
Most importantly though, we had some quite engaging discussion around 3 areas of innovation:
- Business model innovation – Their is lots of talk around business model innovation right now. Business model innovation can not only create substantial margin leverage but can also extend the divide between your competitors.
- Collaborative innovation. Collaborative innovation is an increasingly interesting area for me. As IBM stated, they don’t necessarily need to have the best technology but, more importantly, need to have the best ecosystem. Ecosystems are changing the game. In their CEO study, over 2/3rds of companies stated external collaboration with partners and clients provide better ideas for the company than their employees.
- Cultural innovation. Cultural innovation is vital for sustainable innovation. The biggest obstacle for fostering innovation at most large companies is culture. This is where market leaders and laggards succeed.
Is your company innovating?