A rapid pace of innovation is a source of competitive advantage

When we think of a business having a competitive advantage, we still tend to think of traditional economic moats such as a low-cost structure, economies of scale, or perhaps a more intangible moat like a strong brand. While all of these are still extremely desirable assets, they no longer guarantee a sustainable competitive advantage for most companies.…

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When it comes to innovation, there are countless ways things might go wrong. However, one of the most prevalent ones is incorrect timing. If you manage to get the timing just right, your innovations will obviously benefit from huge tailwinds when entire industries are transitioning from the old to the new with you riding at…

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Innovation culture has long been one of the most challenging, and oft-discussed, topics in our conversations with business and innovation leaders. Given the extraordinary importance of innovation for businesses, and society in general, and the fact that culture has been shown to be one of the biggest barriers for innovation performance, it’s not much of a surprise. Because most…

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If you’ve been working in innovation for at least some time, you’re probably sick and tired of hearing people talk about “thinking outside the box”, or the need to create “outside the box innovations”. The phrase has become one of the most overused clichés out there. However, just like so many other clichés, there’s an…

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In the last couple of decades, we’ve seen a dramatic increase in the popularity of business model innovation – and for good reason. Technology has made it easier than ever to adopt a wide variety of novel business models effectively. At the same time, increased pace of innovation and global competition has made differentiation more important than ever.…

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why is innovation so important for businesses?

Even in our line of work, we often meet people who aren’t very familiar with innovation. As such, we often get to answer the question of what exactly innovation in business is, and why businesses should care about it. Given how vaguely the term innovation is used, that is hardly surprising. Also, while we’ve seen…

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Flywheel of growth – strategic innovation framework

These days virtually everyone agrees that innovation is strategically important. For example, in an international PwC innovation survey of roughly 250 CEOs, only 3% said that innovation is not a strategic priority for them. Regardless of these results, organizations often struggle in aligning their innovation efforts with their overall strategy. On the other hand, top performing innovators always seem…

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