“It would be a terrific innovation if you could get your mind to stretch a little further than the next wisecrack”
- Katharine Hepburn, Academy Award winning American actress
In the last blog, we introduced some of the terminology used in innovation. In this post we discuss examples of innovation in the two types of companies – product companies and services-based companies. Interestingly we notice, the former is easily getting into the space of the latter, but not vice versa!
If you study Google for instance, they approach Innovation by –
1) Developing products at “Scale” (more than 1).
2) Doing things that amazes people, make them go ‘wow’. Going the “Radical innovation” way.
3) Systemize by using a portfolio approach. Making various groups innovate independent of each other and changing organization structure. You will notice Google is not simply/randomly developing products. There is a careful portfolio approach that drives a product or a service offering to use the other.