The challenges of breakthrough innovation
By identifying potential growth opportunities off the beaten path, companies can create new markets and acquire lasting leadership. But how to surmount the obstacles?
In today’s fiercely competitive mature markets, companies naturally dream of one day launching a truly ingenious product or service that would enable them to acquire sustainable market leadership. Unfortunately, such feats are exceedingly rare, and breakthrough innovations are generally thought to be the preserve of a few exceptional companies with uncommon vision and creativity.
Yet, alongside media icons like Dell or Southwest Airlines, lesser-known companies, such as Jet Blue, NetJets, Capital One and Novo Nordisk have also experienced exceptional growth after developing truly innovative offerings.
The publications that we have selected show how these companies managed to get off the beaten path to invent completely new products and services that subsequently became runaway successes. Two key principles can be drawn from their example:
– Focus innovation efforts on challenging the tacit rules of the market.
– Rigorously analyze the risks inherent to breakthrough innovation.
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Innovate like a start-up
The rise in power of digital innovations is often perceived as a threat to the established players. In the face of start-ups, how can they reinvent themselves to win the race for innovation?
Foster radical innovation
Innovation is at the heart of company priorities. Yet, large organizations mostly limit themselves to marginal innovations while leaving start-ups the prerogative for disruptive innovations. How can you set up an environment that is propitious to radical innovation?
The blockchain: a revolution requiring anticipation?
Designed to secure transactions between peers, the blockchain offers huge possibilities that could rapidly revolutionize entire facets of the economy. How to get prepared for the opportunities—and the risks—of this technology?
Failsafe StrategiesSayan Chatterjee
Innovating means taking risks. To maximize the chances of success, companies must know which risks to take and how to minimize them if possible. The objective of Failsafe Strategies is to provide the keys to reach this understanding.
Blue Ocean StrategyW. Chan Kim, Renée Mauborgne
How to reinvent a market by developing breakthrough offerings that outdistance competitors and provide lasting growth.
Innovation: a wealth of contradictions
A deep study of the limitations of the innovation strategy of 200 large U.S. and European companies.