A Hybrid Innovation Strategy for Business Growth
Many enterprises struggle to come up with hybrid innovation strategy with traditional approaches. Experts suggest a hybrid approach that holds promise
Innovation is a quintessential element of business growth for all enterprises. Usually, the C suite focuses either on incremental innovation or disruptive innovation. While increment innovation can promise small wins, disruptive innovation anchors on game-changing results and long-term wins. The problem lies in the fact that both these binary methods have certain drawbacks.
Increment innovations only produce small features and functions that cater to a customer’s current needs instead of future possibilities. Hindering an innovator’s capabilities, the method only gives a makeover to an existing product to maintain a sustaining innovation flow. It may cause innovators to miss out on new opportunities that could provide the enterprise with cheaper, better, and faster alternatives to the market.
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Meanwhile, disruptive innovation, however novel, is a long shot as only a few enterprises have the time, money, and resources to successfully create it. While organizations like NASA and DARPA might succeed, business enterprises might push themselves under high risk with merely an attempt.
Nevertheless, innovation is key to business growth and experts recommend an achievable middle ground. A bridge between the two traditional approaches, enterprises can build a customer-driven innovation strategy that will easily be accepted by the market. The innovation banks on an easy and quick learning curve for the end-users. Innovation leaders suggest some methods to leverage the hybrid approach successfully.
When the initial ideation session is underway, the C suite leaders can encourage a consequential-first approach. Rather than focussing on the linear train of disruptive and incremental thought process, it is important to dig deeper and look for incremental ideas with a disruptive impact.
After locking on a consequential hybrid innovation strategy, companies can focus on signature techniques, including growth hacking and strategic pivots for scaling. Soon after, it is necessary to refresh the company’s innovation portfolio. Tracking the innovation pipeline movement from concept to value can keep the process streamlined and possess goal clarity. CMOs need to handle the task of scouring through the portfolio and assessing the ideas with evaluation metrics and tools. One can add non-financial benefits such as environmental sustainability and security apart from the common criteria, such as financial value and strategic business fit. But how often are ideas accepted?
Studies reflect that disruptive innovation is usually frowned upon by internal corporate teams. An MIT study reported that R&D teams reflect productivity in the first year of working together but five years down the line, the graph declines. This mostly happens because the team believes that they have all the required knowledge and have brushed up on all possible ideas. Experts recommend an easy solution to these ideation blocks. A team should cross-pollinate their brainstorming sessions with participants from different departments for fresh perspectives. Better planning might allow stakeholders to be more acceptable to invention strategies.
With a hybrid innovation model, enterprises can capitalize on better growth opportunities. Experts reckon that innovating with a specific purpose can allow industry leaders to visualize success better and gain a winning edge. Within ten years, the company can scale and resurface into the market and increase its revenue growth in the modern digitization era