"The right innovation mix, core, adjacent, and transformational depends on your business and your needs."
There are three main components of an organisation’s innovation ecosystem. Getting the balance right between these three components is crucial:
1) Balance/Mix of innovation types
2) Structure (process, capabilities, culture, funding)
3) Metrics & tracking
- Core innovation is the largest amount of effort (70%) ...typically more incremental improvements
- Adjacent innovation, riskier. can involve taking existing products to new markets or, more commonly, developing value-add products or services to existing core
- Transformational innovation, highest risk - new products and services, new markets – big changes to the business