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Balancing your innovation portfolio: Does the 70-20-10 rule still apply?

Idea to Value

One of industry standard answers comes from research by Deloitte Partners Bansi Nagji and Geoff Tuff, in their groundbreaking 2012 article in Harvard Business Review: Managing your innovation portfolio. 10% of their innovation resources on transformational innovations, to explore completely new offerings and markets.

Project 292
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Nine Short Innovation Lessons from Lego

Destination Innovation

David Gram, Head of Marketing at Lego’s Future Lab, said, “We only develop the few key features that are really needed. We throw it into the market and get feedback from consumers.”. In 2012 Lego launched ‘Lego Friends’ with a more realistic ‘mini-doll’ Sales to girls tripled.

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Trust the Customers, Not the Experts

Destination Innovation

Fellow dragon Deborah Meadon, chief of a holiday business, firmly stated that there was no market for the ride-on suitcase. Originally Trunkis were made in China but in 2012 Rob Law set up a factory in Plymouth. Theo Paphitis, chairman of the Ryman chain of stationers, pulled off one of the straps and made fun of the product.

Design 324
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First-Mover or Fast-Follower: Which is the right innovation strategy for you?

Idea to Value

What makes more sense: To be the first player in a brand new market, able to be the first (or only) company which customers buy from? To wait until other companies have proven there is a market for a new offering, and then quickly develop and scale your own? This can require significant marketing and sales effort to change.

Strategy 266
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Smarter Homes - Opportunities in the Growing Home Automation Market

Wellspring

The burgeoning interest in this technology provides an opportunity that businesses can’t ignore - the smart home market is projected to be worth $292.43B by 2024 and the output of relevant intellectual property continues to grow year over year (Figure 1). Source: Wellspring for Tech Scouting Data.

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Wikipedia – A Lateral Idea in Action

Destination Innovation

But in 2012 the print edition ceased production. Encarta was discontinued in 2009 by which time a new and mighty competitor was dominating the market – Wikipedia. By 2000 the set comprised 32 volumes of carefully researched entries provided by 100 full time editors and 4000 contributors. It was constructed on a remarkably lateral idea.

Policies 198
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Summaries of the 50 Best Business Books

Destination Innovation

Would you like to have read the best 50 books on sales, marketing, leadership, innovation, entrepreneurship and self-improvement? Just imagine all the insights and lessons you would have learned and how that would have helped you in your business career. But how much time would it have taken?