Innovation models that can help you get most in the innovation journey!
Shikhar Sahni
R&D Strategy | Open Innovation & Tech Scouting | IP Analysis Expert | Sr. VP at GreyB
Innovation is a journey that takes us through fascinating landscapes, where each model offers a distinct path to success. Let's embark on an exploration of these unique innovation models, unveiling their essence and real-world examples that showcase their power:
1 - The Innovation Funnel or Stage-Gate Model: Imagine a wide funnel that captures a multitude of ideas at the top, guiding them through a series of stages and gates towards greatness. This structured approach ensures that ideas are carefully evaluated, refined, and allocated resources based on their potential. Procter & Gamble's Connect + Develop program is a notable example, where they leverage external innovation through a stage-gate process, leading to successful collaborations and product innovations.
2 - The Design Thinking Model: Picture a playground of creativity and empathy, where human needs are at the heart of innovation. Design thinking encourages a deep understanding of users, defining the problem, generating ideas, prototyping, and testing to create solutions that truly resonate. Airbnb is a remarkable example of design thinking in action, as they transformed the hospitality industry by understanding travelers' desires for unique and personalized experiences.
3 - The Lean Startup Model: Imagine a race against time, where startups sprint towards success by embracing rapid experimentation and iterative development. The lean startup model emphasizes building minimum viable products (MVPs) to gather valuable feedback, validate assumptions, and pivot if needed. Dropbox is a prime example, starting with a simple MVP that demonstrated user interest before scaling up their cloud storage platform.
4 - Open Innovation Model: Envision a vibrant ecosystem of collaboration, where boundaries blur and external knowledge flows freely. Open innovation recognizes that valuable ideas can come from anywhere, not just within an organization. LEGO's LEGO Ideas platform is a shining example of open innovation, allowing fans to submit ideas for new sets. By tapping into the creativity of their community, LEGO has transformed fan concepts into successful products.
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5 - Disruptive Innovation Model: Picture a silent disruptor that challenges the status quo, reshaping industries with groundbreaking ideas. Disruptive innovation targets underserved customer segments with simpler, more affordable, or more convenient solutions. Netflix is an iconic example, revolutionizing the video rental market by offering a convenient streaming service that disrupted traditional video rental stores.
6 - Business Model Innovation Model: Visualize a puzzle where every rearrangement uncovers new possibilities and market potential. Business model innovation reimagines the fundamental elements of value creation, revenue streams, and customer segments. Tesla has embraced business model innovation by combining electric vehicles with a direct-to-consumer sales model and investing in charging infrastructure, transforming the automotive industry.
7 - Triple Helix Model: Imagine a dynamic ecosystem where academia, industry, and government collaborate to drive innovation and societal progress. The triple helix model recognizes the power of cross-sector collaboration and knowledge exchange. The MIT Media Lab serves as an inspiring example, bringing together researchers, industry partners, and government entities to work on interdisciplinary projects, pushing the boundaries of innovation.
These innovation models represent diverse approaches to achieving success. Remember, innovation is an art, and these models are brushes that unlock creativity, collaboration, and disruption. Embrace the model that resonates with your organization, adapt it to your unique needs, and embark on a transformative journey towards remarkable innovation!