- Innovation Family Planning. Defining the right balance in your innovation portfolio between existing and new business
- Organizing the innovation family. Implement the right set-up and way of working required for the innovation family as a whole as well as determining the maturity of the individual members
- Business Model Innovation. Create new dynamic business models showing the rationale of how your business creates, delivers, and captures value
- Accelerating new business. Survive puberty by co-creating the market and scaling your business in an ecosystem with partners
- Business Validation Framework. Use a venture development framework to evaluate your innovation family as well as the individual members
- Think & Act as Entrepreneurs. Use a set of decision-making principles, used by entrepreneurs to rapidly sense, act and mobilize in situations of uncertainty (effectuation)
- Innovation performance management. Have a performance management system in place that is tuned to the specific needs of the different innovation family members
- The entrepreneurial toolkit. Use a set of tools to translate customer insights into value propositions and business models and to build partnerships for co-creating the market and to accelerate, applying the principles of lean start-up and effectuation
Innovation Family Planning
By being aware of the different types of innovation, your company can pro-actively manage its innovation portfolio and assign the right innovation instrument to each of its innovation projects, and therefore the chance of success will increase substantially.
The existing portfolio of products and services is requirement driven and can be expanded by conventional innovation. It needs to be market opportunity focused and customer driven and it should create targeted solutions. It involves vertical thinking and products and services are sequential.
The new portfolio is driven by new opportunities and requires radical innovation of technologies or business models. It will require new capabilities either in-house or with partners and opportunities need to be discovered in co-creation with customers. They will introduce new and game changing solutions that also the customer does not understand yet. This part of the portfolio requires lateral thinking and managing behavioral change since the solutions are disruptive to both the customer and the own organization.
By now, our 4×4 innovation matrix is used in companies like Philips and DSM to map their innovation portfolio, depict their innovation strategy and to monitor their spending in the different types of innovation.