Use Business Innovation Design to answer critical business challenges. Here are 10 challenges in which innovation is the answer.
Your core business is stable and growing at a healthy rate. It may seem to be the opportune time to expand into adjacent market with new offerings. You are building your capability to prepare for expansion. There are many different options you can take, even options you may not know about, and how to go ahead with expansion strategy.
Which market should we expand into now?
What value proposition should we offer?
What is our go-to-market strategy?
You invented a new technology that will drastically change the industry. You have identified various applications in different scenarios. You see a bright future. As excited as you are in the potential of this invention, there are lingering questions at the back of your mind.
How do we commercialize our technology invention?
What use cases should we pursue?
How do we cross the chasm for market adoption?
Product and Service Innovation
Your innovation portfolio has been unchanged for some time now. Dwindling growth and stagnant sales are showing you that it’s time to develop new products and services. You have ideas what to innovate, but struggling how to innovate. Bringing idea to life in the market is challenging, since you have no standardized process to do so.
What products and services should we develop next?
How do we build delightful product and service experiences?
How do build an ecosystem of interconnected offerings?
Startups and Scaleups
You founded a startup with your friends. Strapped in cash, you hustled day-to-day to build a proof-of-concept in order to validate it with your customers as quickly as you can. Eventually your team found out what worked to drive key metrics. Tractions gained. Funding acquired. Time to double-down your efforts.
How do we develop a product our users will use?
How do we achieve product-market fit quickly?
How do develop a scalable business model?
Software is eating the world. Tech startups are unbundling corporation’s business eating up your market share. Incumbents are going digital everywhere under the digital transformation banner. You too are willing to cannibalize your business before others do it for you.
How do we create an effective innovation process?
What should we build to disrupt ourselves and others?
How do we develop a digital ecosystem across value chain?
Your market is commoditizing. What was once a differentiator that gave you competitive advantage is now the norm. There are more players offering the same products and services - some do it better, cheaper, faster than you. Your business is eroding. You know you have to do something more than competing on volume and price.
Where do we play and invest our capital?
How do we win with innovation?
How do we de-commoditize ourselves?
You are a “me-too” company. You never denied copying market leaders because their business model worked. After all it is the formula that made you competitive. Copying competitors has not yielded the financial results you have hoped for. It’s time to become different and unique.
How do we remain competitive without copying others?
What is our differentiation strategy?
How can we re-position our brand as an industry leader?
Bleak, demotivating, and outdated. These are the words that describe your company’s future vision. It’s time to re-imagine the new future vision in order to re-invent our business. You are determined not to get disrupted, as the legacy of the company depends on what future you will shape. The future is up for grabs, but you first need to see it.
What is the future of your industry?
What experiences will shape the human conditions in the future?
How will business model evolve in the future?
Barriers to entry is at all-time low. Entrepreneurship runs rampant. As a leader of a large, slow-moving incumbents, you are aware that it’s more effective to start new business with separate P&L from the corporation. However, you admit the organization system can be dysfunctional to do this in-house and you are not sure how.
How do we turn our employees into entrepreneurs?
What processes do we need to launch new businesses?
How do we build a sustainable intrapreneurship system?
Maintaining the status quo is important. It’s your bread and butter. Optimizing your business model is even more important. You are constantly looking for ways to improve the existing in order to achieve operational excellence?
How should we improve our existing business model?
How do we scale the existing without changing business-as-usual?
What processes and systems need to be in place to scale?