About Innovation Management
Two key concepts of Innovation Management are "SUSTAINING GROWTH", and "CHANGING MARKET CONDITIONS". After establishing an initial market position, firms face the challenge of sustaining their position and driving continuous growth while competition intensifies and markets saturate. The inability to make appropriate adjustments is a leading cause of today's limited business survival rate. (The department of commerce predicts only 3 out of 10 businesses will survive 10 years.)
- Improved value propositions to stand out from the competition.
- New products and services to conquer new markets.
- Development of new business models to generate new sources of income.
- Improve internal capabilities to strengthen the company, improve operational effectiveness, or reduce costs.
The domain specialty of Innovation Management focuses on (1) the interaction between core business elements of: served markets, products, strategy, process, organizatinal structure, culture, skills, and management control systems; and (2) how that interaction enables or impede an organizations ability to innovate or change. While this field has been around for several decades, it is just now becoming a mainstream focus in the larger enterprise as evidenced by the emergence of the Chief Innovation Officer role. We bring the knowlegde of this discipline to medium and small businesses.
Applying the proven principles of Innovation Management, we help clients: identify appropriate opportunities, create the vision, develop the plan, assemble the resources, drive execution, and produce the desired results. We help clients transform thier raw ideas and capabilities into successful offerings that generate growth and establish market leadership positions.
Situations we address include:
Entrepreneurs with a new product concept, technology, or prototype, needing to define market focus, productize the concept, build the business, and/or raise capital.
Established businesses with a new technology or product concept that does not fit their current business or markets, but who wish to capitalize on their innovation.
Business solutions developed for internal use that may have wider market application and appeal and need a commercialization strategy and plan.
Organizations faced with mature stable markets and seeking new growth opportunities. This includes non-technology markets where the infusion of technology can disrupt the market dynamics.
High growth firms facing chaos and uncertainty regarding where they should focus their new product efforts.
Firms simply seeking to improve the new product creation and launch capabilities.
In all cases, we work closely with our clients to develop programs which are particularly matched to their capabilities, goals, and competitive strengths. We are exceptionally adept at unlocking the collective hidden tacit knowledge of an organization and developing the high level of cross-functional collaboration required to convert that knowledge into superior market results. Our ability to adapt best practices to the current culture and needs of our client's organization provides for continuous improvement in productivity and organizational effectiveness long after our engagement ends.