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When innovation led to a reversal of fortunes

hackerearth

Lego overcame its near-demise situation when the then president, Kjeld Kirk Kristiansen, decided that innovation was the only way out in 2001. Video games became more popular. Controlled innovation has clearly worked. Lego has managed to wring sustainability by adopting the Lean startup approach. Mattel caught up.

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15 most important Innovation Theories your company should be using

Idea to Value

An excellent example, outlined in the video below, is Adobe’s Kickbox program, which gives anyone who has an idea and wants to try it out a box with advice on how to approach the experiment and a pre-paid credit card with $1,000 to be used however the person wants. Suggested reading: 6 – Business Model Canvas.

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