Innovation is an essential ingredient of successful business strategies. It paves the way for defining the next chapter in a business model’s evolution. By applying innovation in the right way, you will be able to obtain many benefits, such as connecting to different ecosystems, the ability to see what might or might not work, rearranging known methods in novel ways, and adapting the organizational culture to new practices.
As an ever-expanding concept, innovation has many different forms and methods. It can be developed as an internal function, it can be developed through industry collaborations, or it can be part of a larger effort involving different industries and research institutions. Innovation can also target different levels of the business model. Some innovation approaches might target a technology stack in order to develop new products or ways to deliver them. Others might target sales and marketing capabilities with new channels or services.
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