Question
The Innovation Management framework differs from other business frameworks in its focus on nurturing and implementing new ideas and strategies. While other frameworks may focus on improving existing processes or structures, Innovation Management is about creating something new and potentially disruptive. It involves a vision (Aspire), setting boundaries (Choose), understanding customer needs and emerging technologies (Discover), and adapting to new business models (Evolve). This is not to say that other frameworks don't involve these aspects, but the emphasis and approach may differ.
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Aspire – a far-reaching vision, the experts say, can be a compelling catalyst, given it's realistic enough to stimulate action today. Choose – because no one really can tell exactly where valuable innovations will emerge, and searching all over is not exactly practical, executives should consider creating some boundary conditions for the opportunity spaces they want to explore. Discover – "If you get the sweet spot of what the customer is struggling with, and at the same time get a deeper knowledge of the new technologies coming along and find a mechanism for how these two things can come together, then you are going to get good returns," Alcoa Chairman and Chief Executive, Klaus Kleinfeld, told McKinsey & Co. Evolve – the experts use Amazon as an example of a company that extends itself into new business models by addressing the emerging needs of its customers and suppliers. " has included many of its suppliers in its customer base by offering them an increasingly wide range of servi...
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