What does true innovation mean? Spinverse, an innovation consulting leader in the Nordics - specializing in open innovation ecosystems, relevant funding, and commercialization of emerging technologies - shares its insights.
Innovation is the product curiosity, creativity, and the desire to improve life. In the aftermath of the global financial crisis, it’s become an imperative. Today, with the dramatic increase in knowledge, capital, and goods transfer, imperative has given way to critical. Companies must now innovate with unparalleled speed and regularity to compete in the local and global markets. This calls for open innovation, where the stakes are high, but the benefits even higher, especially for those with big ideas.
When traditional organizations start their innovation process, it’s those outside of the organization that experience its effects much more than those on the inside. Even though change and alignment with the new innovation are inevitable, the rate in which they manifest is still gradual rather than instant — which isn’t the case with young organizations. These new comers, who are notorious for their industry-shaking disruptive innovations, are powered by their willingness to look outside of their organization for extraordinary ideas. Yes, they think outside the proverbial box, but they tend to do it with outsiders. It’s not that they don’t care for their precious ideas, it’s probably the opposite, but they believe that those can be enhanced, taken to a higher plane with a little help from partners and collaborators.
For true innovation to flourish, the archaic notions of innovation where activities are carried out in a closed and carefully guarded environment must be let go. For innovation to take off, management must practice open orchestration and resist the urge to control.
Openness is key to leading disruptive innovation as it transcends the boundaries of organizations and established industries. It would do organizations well to go out of their comfort zones and look for opportunities for interdisciplinary cooperation on all levels. It is in this cross-fertilization and mashed-up ideas environment that true novelty is fostered.
Solo innovation in today’s connected world still works but maybe not for long. What organizations need looking ahead is to engage in collaborative projects where it’s not singular companies but ecosystems — comprised of customers, partners, and various stakeholders that all work towards a common goal — that co-create value.
Uber and Airbnb are the poster children of disruptive innovations in traditional industries, thanks to their ability to rethink business models and use digital technologies to facilitate their disruptive ideas. They’re a part of the “servitization of capacity” trend or the movement that strives towards a more efficient use of existing resources through digital demand coordination services. But while servitization of capacity will continue to transform established industries for the foreseeable future, the next disruptive leap could be seen in the “servitization of customer need” or the digital service platforms that enable organizations to share an understanding of the customer and provide combined offerings that better match the needs of the customer. The underlying logic of this trend is facilitated by the integration of knowledge and processes among organizations.
Spinverse will be attending the 600Minutes Innovation and Product Development, Finland, 11th of May, 2017, as a solution provider. For more on our upcoming events, visit the Event Calendar»
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