When it comes to innovation portfolio design and management, it is imperative to recognise the dichotomy in the approaches, skills and metrics required to explore, test and develop new products, services, value propositions and business models; and to scale, optimise and exploit those that already exist within the organisation.
The great success of design thinking has been to instil, in corporate innovation teams and entrepreneurial start-ups alike, the need to consider the triumvirate of Desirability, Feasibility and Viability. But an additional focus on Equitability will be essential to succeeding in the operating environment of the future.
Much has been written about the need to review the capitalist models and the need to shift to ‘profit with purpose’ models that create ‘shared value’. Yet the rationale for creating shared value (CSV) is sometimes poorly understood, and it's important to distinguish it from corporate social responsibility (CSR).
Do you know what your source of strategic competitive advantage is today? Moreover, do you know whether that will that be sustainable and sufficient to support your strategic goals in your future operating context? And if not - which is likely - what new sources you will need to develop?
If you can generate new ideas you are creative // If you can develop these ideas into new products, services or experiences you are inventive // If from these inventions you can create value for customers, stakeholders, society and for your organisation you are innovative