A traditional retail company can apply the innovative approaches discussed in HBR’s 10 Must Reads on Innovation by first understanding that innovation is more than just creativity. It involves a structured process with rules and best practices. The company can start by identifying unexpected opportunities in their market, just like GE did with rural clinics in China. They can then commit to reverse innovation, where they develop solutions tailored to these opportunities. This could involve creating new products or services that meet the unique needs of their customers. The company should also be open to using technology, like GE did with their portable ultrasound unit, to drive their innovation efforts.

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HBR’s 10 Must Reads on Innovation

Innovation is more than creativity; it is a process that is structured, with rules and best practices. This summary gives you some of the key takeaway...

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An unexpected opportunity and management that was committed to reverse innovation helped jump-start GE's efforts. Rural clinics in China were unable to afford GE's ultrasound machines, so a local team built an inexpensive, portable ultrasound unit using a laptop with external hardware and specialized software. The new product created demand across China and helped GE get their reverse innovation efforts up and running.

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Potential obstacles companies might face when applying the concepts from HBR’s 10 Must Reads on Innovation could include resistance to change, lack of resources, and lack of a clear innovation strategy. To overcome these obstacles, companies could foster a culture of innovation, allocate sufficient resources to innovation projects, and develop a clear innovation strategy that aligns with their overall business goals.

HBR's 10 Must Reads on Innovation has influenced corporate strategies and business models by providing insights and best practices on innovation. It has helped companies understand that innovation is more than just creativity, but a structured process. For instance, it has inspired companies to leverage unexpected opportunities and commit to reverse innovation, as exemplified by GE's development of an inexpensive, portable ultrasound unit for rural clinics in China. This not only created demand across China but also jump-started GE's reverse innovation efforts.

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