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How to Keep Innovating in an Economic Downturn

Innov8rs

Innov8rs | As we seem to heading towards economic downturn, leaders find themselves trying to reduce costs and foster growth at the same time. We have seen this happening during the last economic crisis, when merely 10% of companies performed better at the end of the crisis than they did before it.

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The fascinating story of Giffgaff: A co-creation case study

hackerearth

58% of the businesses have piloted co-creation projects to help them innovate. One could perhaps think of crowdsourcing and co-creation as different aspects of open innovation. Giffgaff — the wholly owned subsidiary of O2 used co-creation as the vehicle for innovation. Source: The Telegraph. The Giffgaff story.

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When innovation led to a reversal of fortunes

hackerearth

(Read WSJ ’s “Is a Peanut-Butter Pop-Tart an Innovation?” There are plenty of expert definitions of innovation out there. Companies are leaving no stone unturned in their attempts to drive innovation, be it radical, incremental, or breakthrough. The company encourages open innovation via Lego Ideas.

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Typology for Innovative Organizations

Open Innovation EU

In fact, building blocks as ‘middle management’ might only still exist on paper today. But times are changing and organizations are emerging, scaling and managed completely differently. Each type of organization exists in three different levels of innovation. Why this typology: innovation management in organizations.

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Innovate, Adapt, Overcome: How to Beat a Recession with Idea Management & Continuous Improvement

Qmarkets

It’s estimated that a loss of more than $2 trillion in world-wide economic growth occurred between the second quarter of 2008 and the first quarter of 2009. In the interests of futureproofing your enterprise, it’s important to ensure your innovation strategy can accommodate the privations of turbulent economic times.

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The Ambidextrous Organization

Open Innovation EU

Bessant noted that organizations should always find a balance between innovators and innovation managers. 206), we further emphasize that strategy reflects what a company aims to become, while business models describe what a company really is at a given time. Shorty after, I read an article by Ayse Birsel, on Inc.com 1.