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Why is success so hard to sustain?
In order to succeed, everybody should be involved and engaged in innovation. Innovation should be broad; from innovations in the product or offering, to innovations in the process, delivery, and/or finance.
For many years, innovation was seen as the development of new products. However, creating new products is only one way to innovate. “Initially developed in 1998, the Ten Types of Innovation showed that companies that integrate multiple types of innovation will develop offerings that are more difficult to copy and that generate higher returns.” – Doblin Group, http://www.doblin.com/thinking/
Much like Doblin’s innovation theory, Clayton Christensen, Professor of Business Administration at the Harvard Business School suggests another type of innovation as well; disruptive Innovation. According to Christensen, successful companies can put too much emphasis on customers’ current needs, and fail to adopt new technology or business models that will meet customers’ unstated or future needs.
I recently met Dr. Smith, A Dentist in Memphis who really got the idea of service innovation in business. He offers his services in-office or from the comfort of the clients own home. A dentist that comes to you…
Read the entire article at: http://www.innovationcoach.com/?p=43155
*For more tips, see “Robert’s Rules of Innovation.”
*For a neat info-graphic about 7 disruptive innovations that turned their markets upside down, check out: http://mashable.com/2011/10/09/7-disruptive-innovations/