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Choosing An Approach To Innovation

Choosing An Approach To Innovation

With the increasing push from corporate boards and shareholders for innovation, many managers and leaders need to find which of the many different ways innovation they should use to achieve and accelerate innovation.

It is important to understand that there is no single best approach, but you can find one most suited to your current needs.

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Innovation External (Start-Up Support)

Innovation External (Start-Up Support)

Some companies set up accelerators or incubators for small and independent start-ups. Their advantage is early access to new and unique ideas without expensive investments into internal innovation department capabilities.

For example, L'Oreal and its Founders Factory. L'Oréal provides each ...

20

44 reads

Innovation In-House (Autonomous Lab Approach)

The lab is a more-or-less autonomous business unit that can benefit from its parent company's resources, knowledge, and innovation base. Moreover, it is free from the bureaucratic ways of decision-making of many large companies.

This results in new or unique opportunities that can be explor...

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49 reads

Innovating Is Subject To Innovation

Innovating Is Subject To Innovation

There are many new and out-of-the-box ways of how-to emerging innovation.

  • New forms of innovation include the Sandbox of Slovak National Bank - a platform that allows the participant via consultations with NBS to adjust financial innovation.
  • Crowdfunding is ...

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53 reads

Innovation External (Mergers And Acquisitions)

Innovation External (Mergers And Acquisitions)

To harness the existing potential of a growing start-up or emerging technology, companies can use mergers and acquisitions (M&A) to gain substantial market growth or to acquire a solution or service they were missing.

Google purchased YouTube in 2006 as one of its many acquisitions. Microso...

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44 reads

Innovation In-House (Traditional Approach)

Innovation In-House (Traditional Approach)

Innovation initiatives are spread among the whole organization. There is no central unit or formal Head of Innovations but everyone can come up with new ideas.

interesting innovation supporting tools include:

  • Adobe's Kickbox Foundation, employees...

21

59 reads

Innovation In-House (Separate Department Approach)

Innovation In-House (Separate Department Approach)

Creating a new department centralizes company-wide innovation efforts. The department collects new ideas from all employees and across hierarchies, gather ideas from outside of the company, evaluate unique ideas, execute feasibility studies, and prepare business cases.

The biggest challenge...

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54 reads

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harleyjj

Deep thinker. Like talking about the world, religion and politics.

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Choosing a productivity system

Choosing a productivity system

Many people try to find the perfect productivity system, hoping that it will help them better manage their work and mental health. However, there is no universal productivity system. For example, a remote worker may need a different approach to someone commuting to work.

E...

Other Tips From Jordan Peterson For a Better Life

  • Consider that any hierarchy creates winners and losers. The winners are more likely to justify the hierarchy and the losers to criticize it.
  • Understand that hierarchy is inescapable. The pursuit of goals lends life meaning and the collective pursuit of goals produces hi...

How to study 📚🦋💻📑

Get organized

  1. Carry a homework planner at all times. Entering homework, projects, tests and assignments as soon as they are assigned will make sure they aren’t forgotten about.

Pay attention in class

  1. It’s important to concentrate and avoid distractions when t...

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