Business Archives

How to Create an Innovation Strategy in Business + Example

Why do most innovation projects fail? How can you increase the chances of your innovation project succeeding?? According to Larry Keeley, the author of Ten Types of Innovation, most innovation projects often fail because they don’t have a well-defined scope or clear objectives. In Keeley’s experience, assigning a team to figure out an innovation strategy in business with well-defined goals generates beneficial innovations for your company. Here’s how to create an innovation strategy with a clear direction and a high chance of success.

The 2 Types of Product Innovation: Which One Is Right for Your Business?

What is product innovation? What are the two types of product innovation you should practice when creating products? In Ten Types of Innovation, Larry Keeley and his co-authors identify only two types of innovation directly related to your product or service. These include innovations related to your core product and innovations related to how it fits into a larger system of products. Keep reading to learn more about the types of product-related innovations.

The 4 Organizational Innovation Types—Explained

What are the best types of organizational innovation? How should you organize your company’s operations? Ten Types of Innovation by Larry Keeley and his co-authors identify four types of innovations that relate to organizing your company or its operations. The distinction between them lies in whether they relate to your capabilities, your internal organizational structure, your external relations with other organizations, or how you monetize your product. Continue reading for more details on these organizational innovation types.

Is Tipflation Here to Stay? A Historical & Current Perspective

Wondering why you’re suddenly tipping more? What’s tipflation? How is the legacy of tipping connected to today’s tipping fatigue? Tipping has a long history in the US, and these days it may feel like every time you turn around you’re being asked to tip—and to tip more than you’d like. This phenomenon is called tipflation and experts say it’s mostly been driven by the pandemic and the use of tablets for payment. Read on to learn about tipflation, based on a historical perspective and current analysis of the issues.

Tony Fadell at General Magic & Philips: A Decade of Failure?

What led Tony Fadell to a job at General Magic? Why did the smartphones from Philips fail to sell well? In his book Build, entrepreneur Tony Fadell outlines his career trajectory. He talks about how he failed to build a smartphone several times before finally hitting it big with the iPhone. He refers to that time in his career as a “decade of failure.” Read more to learn about Tony Fadell at General Magic and Philips.

Tony Fadell, Nest, & the Beginning of the Smart Home Revolution

How did world travel inspire the concept of a smart home? Why did Tony Fadell end his relationship with Nest? In Build: An Unorthodox Guide to Making Things Worth Making, entrepreneur Tony Fadell tells the story of his career. He talks about starting Nest—a smart home device company—and later selling it to Google for billions of dollars. Keep reading to learn about Tony Fadell, Nest, and the start of the smart home revolution.

Big-Picture Thinking: The Top 3 Methods (+ Examples)

Do you consider yourself a big-picture thinker? Do you try to understand every problem or situation holistically? When we’re faced with a problem or a difficult decision, we tend to resort to our usual cause-and-effect, detail-oriented type of thinking. While this type of thinking is useful in some situations, it can obscure the bigger picture. As a result, the optimal solution may evade us because it lies outside the range of ideas where we are looking for it. With this in mind, here are three ways you can apply big-picture thinking to solve problems and make decisions.

5 Common Innovation Failures and How to Solve Them

Why do so many innovation projects fail? What are the solutions that will fix all of your innovative problems? In Ten Types of Innovation, Larry Keeley and his co-authors identify a number of reasons that innovation projects fail. Just a few specific reasons they pinpoint are: A project can fail because it doesn’t incorporate enough types of innovation, tries to incorporate too many types at once, or focuses on the wrong types. Keep reading to learn why innovation failures happen and how to prevent them.

Why Innovation Prototypes Are Important for New Products

Why are innovation prototypes important for new projects? How should you test your products before putting them on the shelves? Innovation projects often fail when they focus on solving problems that customers don’t care about, and they implement solutions that work well on paper, but not in practice. This is why you need prototypes to test out what works and what doesn’t for customers. Find out why innovation prototypes are important and how to use them, according to Ten Types of Innovation.

How to Be a Pro at Innovation Project Management

Have you incorporated innovation project management at your company? What is a disciplined approach to innovation? The authors of Ten Types of Innovation assert that many companies don’t know how to practice innovation as a formal discipline. They treat it as something almost magical that can’t be predicted, and it undermines their ability to execute innovation projects successfully. However, anyone can turn a mediocre project into an innovative masterpiece. Continue reading to learn how to manage innovation projects that will turn heads.