The technology sector is riven with intellectual property battles, but patent protection schemes promise to bring some relief (Protection racket?: The technology sector is riven with intellectual property battles, but patent pro...
When a company comes out with a new product, its competitors typically go on the defensive, doing whatever they can to reduce the odds that the offering will eat into their sales. Responses might include cranking up marketing efforts, offering discounts to channel partners, and even lobbying for regulations that would hinder the rival’s expansion. In many cases, though, such actions are misguided. Although the conventional wisdom that a rival’s launch will hurt profits is often correct, my research shows that companies sometimes see profits increase after a rival’s rollout—even when they don’t aggressively seek ways to squelch the new product’s sales.
The underlying mechanism is pretty simple: When a company extends a product line, it often raises the prices of its existing products. The hikes might be designed to make the new product look cheaper and thus more attractive by comparison or to capture the value customers place on a broader line of offerings. As that company adjusts its pricing, its competitors can follow suit without risking customer defections over price.
Consider what happened when Yoplait became the first major producer to market low-fat yogurt in the United States. Although Dannon took a 5% hit in units sold during the new product’s initial year, the vast majority of its customers didn’t defect to Yoplait; they preferred Dannon’s style of yogurt. And because Yoplait had raised prices across its product line, Dannon raised its prices as well, by more than 10%. So despite the 5% decrease in volume, Dannon’s revenue increased by 5%.
Innovation rules are changing, globally, and companies must reinvent their strategy in order to stay competitive, drive growth and contribute meaningfully to the economy… For innovation to flourish, you must embrace a new innovation paradigm that promotes collaboration between all players– big, small, public, and private– fosters creativity, and emphasizes solutions that meet local needs…
Why Every Business Should Consider Innovation Teams Innovation Excellence (blog) In Benoit Mandelbrot's recent autobiography, he wrote with great nostalgia about his time at IBM labs, where sharp minds like his were given free reign to explore...
Une première chose à faire est d'évangeliser sur ce qu'est l'innovation. Beaucoup d'entreprises ignorent que l'innovation dans la majeure partie des cas est incrémentale et que les innovations de ruptures sont rares. Cette méconnaissance du terme innovation est en lui même un frein pour les entreprises qui vise la lune (l'innovation de rupture) et abandonne leurs efforts trop rapidement ou ne se lancent même pas dans le chantier d'innovation.
The very meaning of innovation as taught to people has to be redefined. The common understanding of innovation is reduced to something completely new in the market or industry that changes the rules and standards of usage, disruptive innovation. Innovations are actually localized, bringing something that exists since a while from an another industry or company remains an innovation.
Evangelising on the meaning and types of innovation should be the first job of government agencies to trigger innovation in companies.
Many people assume that creating new ideas is the beginning of the innovation process, but actually that’s not true. Ideation occurs in the middle of the disciplined innovation process, which we present in this chapter.
Innovation is becoming an increasingly open process thanks to a growing division of labor. One company develops a novel idea but does not bring it to market. Instead, the company decides to partner with or sell the idea to another party, which then commercializes it. To get the most out of this new system of innovation, companies must open their business models by actively searching for and exploiting outside ideas and by allowing unused internal technologies to flow to the outside, where other firms can unlock their latent economic potential.
THE Tata Nano, the world's cheapest car, became a symbol before the first one rolled off the production line in 2009. The Tata group, India's most revered conglomerate, hyped it as the embodiment of a revolution. Frugal innovation would put consumer products, of which a $2,000 car was merely a foretaste, within reach of ordinary Indians and Chinese.
Magesh Cannane's insight:
Yeah but the commercial success of Nano is yet to be proved. A Car is not an utility but a luxury in emerging countries, atleast in India. And people don't want it that cheap!
The benefits of open innovation are clear. Yet many companies still worry about an approach that involves collaborating and sharing power with many. Openness is indeed risky, as the TED example clearly shows. TED’s army of volunteers has extended its reach to more than 130 countries. But because TED allows nearly anyone to contribute, it no longer completely controls its content or its brand.
Outside the lab, on the other hand, ROBOSKIN sensor patches were applied to common touch points (feet, cheeks, arms) located on the University of Hertfordshire's KASPAR robot, a humanoid robot designed to help autistic children communicate better ...
It’s essential to provide strategic guidance to the innovation process, so in this chapter we take a look at six essential forces that are driving the changes that are occurring across much of today’s world. While these may not be the most pressing issues for your company, chances are that some combination of them will have huge influence on your situation, on the strategic choices you make, and thus on your approach to innovation..
Everyone can innovate.Innovation generally refers to renewing, changing or creating more effective processes, products or ways of doing things.For businesses, this could mean implementing new ideas, creating dynamic products or improving your existing services. Innovation can be a catalyst for the growth and success of your business, and help you adapt and grow in the marketplace.
Via Peter Verschuere
There are dozens of different metrics that you can apply to the innovation process. In this excerpt from The Innovation Master Plan, we look at the 12 that are useful to most organizations, as well as the entire set of 92 metrics.
Quite agree in terms of metrics but the real issue in innovation is to define the delay from which you can assess the metrics from your innovation process implementation! This is where a clear industrial insights and strategical vision of the board is required to uphold innovation processes on a long run within corporates.
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