The innovation portfolio provides visibility that allows your firm pace the introduction of new products and services. You should balance the introduction of revolutionary products with incremental improvements in others so as to maintain a steady flow. By having a comprehensive view of your initiatives over time, you can avoid either overwhelming or underwhelming the marketplace
Options available to market leader:
Creating New Market Niches
Developing new-to-the-world products
Radical innovation
Innovative business models
Fast company
Expanding Your Existing Market
Finding new uses of a product
Finding new uses of a product
Finding more usage on each use occasion
Targeting one of more competitors
Protecting Your Existing Market Share
Improving your products
Improving distribution effectiveness
Improving your services
Reducing costs
Traditional Strategy versus Strategic Innovation:
Traditional approaches
Adopt a "present to future" orientation – takes today as a starting point
Assumes a rule-maker/taker (defensive/follower) posture
Accepts established business boundaries / product categories
Focus on incremental innovation
Follow traditional, linear business planning models
Seek input from obvious, traditional sources
Are technology-driven (seek consumer satisfaction)
Seek articulated customer needs
May have a "one-size-fits-all" organizational model
Strategic Innovation approach
Starts with the end in mind" – identifies long-term opportunities and then "bridges back to the present"
Assumes a rule-breaker (revolutionary) posture
Seeks breakthrough, disruptive innovation – while continuing to build the core
May experiment with entrepreneurial "new venture" or other organizational structures
Seeks to create new competitive space / playing fields
Marries process discipline with creative inspiration
Seeks inspiration from unconventional sources
Seeks unarticulated customer needs
Is consumer-inspired (seeks consumer delight)
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