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Two strategic approaches to innovation: incremental vs radical

The BMI Lab Blog

This approach is very popular because it reduces the risk that radical innovation usually takes. Moreover, companies with great human capital, resources, and capital find that is much easy for them to follow this innovation path, which brings clear advantages, such as: Helps companies remain competitive.

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Overcome resistance and capture growth in the Financial Services Industry

Innovation 360 Group

In this blog post we talk about receptivity to change in Financial Services and some thoughts on how to move forward. Those that follow this model often collaborate with FinTechs and start-ups through various means: innovation fairs, competitions, and small seed investments, to identify prospects.

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The core principles of Leading FOR Innovation

Cris Beswick

Leaders who champion innovation understand its role in driving competitive advantage, increasing market share, and, often, creating entirely new markets. By dedicating resources to these horizons, organisations can future-proof their businesses and stay ahead of industry disruptions.

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Mitigating risk with a balanced innovation portfolio

Innovation 360 Group

Assume that you have a number of projects that you want to execute, and you have a number of resources that can be used to execute them (resources such as innovation managers, or programmers). If the resources can be organized so all projects can be optimally executed without any interdependencies (i.e., Interdependency.

Project 52
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PESTLED360: Iron Out Key Driving Forces in Your Current Environment and Anticipate Future Ones

Innovation 360 Group

This could for instance be future competitors or collaborators and the force could be competition from new entrants. Operational Strategic Initiatives (those initiatives that need to be executed now) are prioritized by using Impact-Feasibility mapping, making sure to optimize resource usage. This is what we call incremental innovation.

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5 Misconceptions to Avoid When Building Your Innovation Strategy

Qmarkets

However, there are also several implicit practices that your company may have in place that are showing employees that innovative ideas are not valued. These are not as easy to see from the surface so it may be wise to involve your Human Resources department to truly dissect the root of these implications.

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Co-innovation: the concept, its benefits, and why you need to embrace it

hackerearth

Innovation is the key to gaining and sustaining competitive advantage, especially in today’s fast-paced, tech-fueled business ecosystem. Traditionally, many organizations used their own knowledge monopoly to innovate and deliver dominant technologies and products to the market. You can get more meaningful insights.