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?
How do we enter new market with our brand?
What value proposition should we offer?
You invented a new technology that will drastically change the industry. You have identified various applications in different scenarios. You begin to evaluate its high valuation prospect. 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 the invention?
- What products and services can we develop?
- How do we cross the chasm for adoption?
Revitalizing Core Business
Your business is doing good at the surface, but you are worried about your core business. It has not grown much in years. You have experimented on new product development and marketing stunts, but it did not bring the results you hoped when you built your core. You are not sure why growth stalls or how to jumpstart it.
- How do we accelerate growth?
- What values can we add to our core?
- How do we re-invent our core business to lead again?
You have the next big idea for your startup. You scramble to develop a prototype and validate it as quickly as you can. Everything is moving fast and chaotic. You have a scattered knowledge about your users, market, and business model. To build meaningful startup, you are willing to learn about much of what you don’t know.
- 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?
Apple, Nike, IKEA, Starbucks - these are the brands that inspired you. You have a strong desire to become the next Apple in your industry. You are willing to invest in building capability and system to become the leader. Hungry for growth, you look for continuous innovation as the driver for growth and dominance.
- How do we develop propositions that people will clamor?
- How do we make design as our core competency?
- What can we do to continuously innovate and grow?
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 models worked. After all it is the formula that made you competitive. However, playing quick catch-up is starting to get exhausting - revenue declining, growth slowing down. Your desire better conditions.
- How do we remain competitive without copying others?
- What values will set us apart from competitors?
- How can we re-position our brand as an industry leader?
You have been struggling doing business-as-usual. You have not achieved profitability for a while now. With limited window time, you must do something to turn your company around towards profitability. You have a goal, but you’re not sure what to do because you are stuck in inertia. Soon you will breakeven and eventually suffer losses.
- Where do we play now?
- How do we innovate and develop market breakthroughs?
- How do we regain profitability with our core business?
Startups are disrupting industries along with its incumbents. As a large, slow-moving organization, you are aware that you are prone to disruption. You also realize the value of entrepreneurship and you desire to infuse it into the culture. 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?
- How do we prevent disruptions from startups?
- How do we build an intrapreneurship system?
Nurturing Innovation Culture
New projects failed to go beyond launch. Many products and services that were launched failed to sustain themselves. You are facing bottlenecks and obstacles executing inside a slow, bureaucratic organization. Teams are not collaborating as effectively as you expected, even more from silos.
- How do I develop a culture of innovation?
- How do I empower my teams to be lean and creative?
- What processes and system are required internally?