Leveraging Existing Networks for Breakthrough Innovation 🚀

A recent article from the Harvard Business Review, The “Piggyback” Approach to Innovation, created the perfect opportunity to come back on the notion of innovation. The Merriam-Webster dictionary tells us that innovation is the introduction of something new, while Wikipedia tells us that innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services.

In a world where innovation is often synonymous with starting from scratch, the "Piggyback Approach", described in the HBR article, offers a refreshing perspective. The article reminds us how businesses are harnessing existing systems to drive growth and impact:

🔹 ColaLife saw Coca-Cola's distribution prowess and asked, "Why not medicines?" They designed kits to fit between soda bottles, bringing life-saving treatments to remote areas.

🔹 Wise (formerly TransferWise) tapped into the global banking system, offering fair currency exchange and low fees, turning a personal pain point into an $11 billion valuation.

🔹 Safaricom transformed Kenya's mobile network into a banking revolution with M-Pesa, proving that financial inclusion can be a text message away.

🔹 Nestlé fortified common foods with essential nutrients, addressing micronutrient deficiencies while boosting their bottom line.

🔹 Paramount Pictures cleverly piggybacked on the "50 Shades of Grey" hype with a SpongeBob twist, showcasing the power of strategic marketing alignment.

When you think about the Facebook, AirBnB or Google of the world, they never "invented" something new. They started from something that existed and twisted it. The takeaway? Innovation doesn't (generally) mean reinventing the wheel (it rarely does). Often, it's about finding a new way to ride the ones already turning.

🔍 For entre/intrapreneurs and leaders, here's the action plan:

1. Map existing networks and systems relevant to your industry.

2. Identify underutilized assets or capabilities within these systems.

3. Develop creative solutions that align with these pre-existing networks.

4. Test, learn, and iterate rapidly (using an MVP approach, as we will see in a future post).

Innovation is everywhere – sometimes, it just takes a piggyback ride to see it.

 #InnovationStrategy #BusinessGrowth #PiggybackInnovation #Entrepreneurship