In this day and age, many companies have business plan contests. They do it for many reasons – to identify innovation or potential improvements in products and processes, to identify talented employees and get their organizations to think about disruption and where it will come from. For conglomerates, this is often difficult because they have a very diverse group of companies.
Once upon a time, you could succeed in business by building a better mousetrap—a product that was better than your competitors. Yesterday, you could succeed by building a better ecosystem. Today, you need to build a better ecosystem that comes to be perceived as better and generates revenue in a world where customers expect it to be free.
A look back at some of the key milestones in the way products are delivered, from the Pony Express to FedEx. Read More title override: For more on same day delivery: Related Links Links: Meet the Companies That Are Reinventing
Derek Lidow, entrepreneurship professor at Princeton University: My take is that design projects create innovation while design processes create cost-effective variations. Projects create new things while processes create variations of existing things.
Changing the way you think about your business, in all areas, from product and service offerings, to marketing, to sales and support, can create an internal cultural shift that aligns your whole team to better meet the needs of customers and forms a community that produces the information customers want to engage with.