Part 3: Jac Spies, Chief Advisor at Praesignis discusses innovation investments, why they fail, and how to beat innovation failures – in this 3-part insight series
Innovation is the process of creating new ideas and turning them into new business and social value.
The most successful innovators are those who begin from a strategic perspective, thinking broadly about their goals and the key trends in society and technology, to define their strategic intent.
Because the lifespan of companies is decreasing as the rate of change increases, and, not all types of innovation are equally valuable, and, innovation today is an absolute requirement for survival.
Superimposing the current state of the business and its products and services onto the Evolution Patterns, the Technology Evolution and the Business Evolution Trends as discovered by Genrich Altshuller in the Theory of Inventive Problem Solving (TRIZ) one can derive the next evolution shift that are required for future survival and growth.
The innovation teams, consisting of an Innovation Leader, an Innovation Champion, and Innovation Geniuses with specific responsibilities, attributes, knowledge, and skills on how to apply structured innovation methodologies and tools to look for potential opportunities within the:
Population changes; and the
Effects of climate change
Models of risk and reward as it pertains to innovation gets translated into innovation portfolios to manage the innovation investments that reliant on on the level of innovation as depicted in table 1 below.
Incremental improvement inside organisation
Significant improvement in same industry
Innovation outside the paradigm
Low risk organic growth
Disruptive new technologies
Radical new ventures and business models
Incremental improvement within the trade/specialty
Innovation resolving a new ‘job to be done’ using knowledge from different industries
Disruptive innovation using knowledge and new technologies from different industries in different markets
Breakthrough solutions based on new knowledge of different fields of technology and science from different industries, markets, and social behaviours.
Table 1 – The Four Levels of Innovation
Inventive solutions are developed by appointed innovation teams to apply specific structured innovation methodologies and tools.
All inventive solutions are then submitted to rigorous evaluations by a different set of tools to convert the possible solutions into viable innovations that has commercial value for the users and supplier.
Align innovation to markets
The innovation teams and the marketing experts then aligned the viable innovations to different markets depending on the characteristics and level of the specific innovation.
Monitor and optimise
Feedback from the market place is evaluated by the innovation teams to optimise the new products and services necessary for customer satisfaction.
More details on this process can be obtained from Jac Spies at or at 082 903 6006.
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