A new product, service or process is just one kind of innovation.
When most organizations discuss innovation, they describe the introduction of new products or service offerings – such as this OXO peeler. This product design was informed by the inventor’s desire to help his arthritic wife (an important design lesson – to study the needs of “extreme users”).
Our former colleagues at Doblin Group (now part of Monitor/Deloitte), led by Larry Kelley, deconstructed over ten thousand breakthrough innovations to determine their differentiating characteristics. The result is a value chain of possibilities, serving customers at one end and deploying capital at the other.
The surprise comes from cracking into the financial returns of the different types of innovation.
The preponderance of investment dollars are spent on introducing new products and services in the middle of this spectrum. But if you quantify the returns on invested capital, the biggest winners show up on the ends – new profit models and asset configurations (like Uber becoming the largest and most profitable livery service – without owning cars, and without employing drivers). And new user experiences and stand-out brands at the other. Apple, for example, is often the second to market with a new offering, but designs every consumer touchpoint into a seamless, elegant, simple experience. They design around you, not around the technology.
Apply Ten Types of Innovation to the real challenges in your own business.
This workshop introduces the basic concepts of Ten Types of Innovation. It engages your people with custom-designed team activities, purpose-built for your organization. Apply these insights to discover new growth opportunities for your business, differentiating excellence for your functions and powerful new competencies for your people.
Work with Ampersand to put Ten Types into practice on a specific strategy, project or initiative.
You will find your teams begin to embed ten types of innovation into their thinking. Once you apply them in solving real challenges, you can’t help but see everything through this new lens. Ten Types literally opens your eyes to new possibilities.
Keeley’s very accessible book is illustrated with terrific case studies. You can see Ten Types of Innovation: The Discipline of Building Breakthroughs on Amazon, iTunes and other sources for business literature.