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This is partly why I focus on the Energy Transition and Industrial Transformation for my innovation and ecosystem work. Let us remind ourselves where those collaborations between different stakeholders deliver real change in radical, innovative solutions.
April 23, 2024 Picture this: You’re at the innovation crossroads, where the destiny of your business hangs in the balance. The million-dollar question: incremental vs. radicalinnovation? Every organization walks this path, each with its own mix of challenges and opportunities.
The benefit with the highest potential value for any organization is radicalinnovation. With all the innovative and creative minds to utilize at universities, it is guaranteed that some brilliant radical ideas would be generated.
In 2022, 20% of companies surveyed were ‘innovation-ready’, but in 2023, that figure had dropped to 9%, and in 2024, has dropped to a staggering 3%! Innovation requires a balanced portfolio across incremental, differentiated and radicalinnovation. Innovation requires stepping out of your comfort zone.
As technology accelerates and market demands shift, understanding and leveraging innovation have become essential for staying ahead. This urgency is reflected in the Boston Consulting Groups 2024 report, which found that 83% of companies rank innovation among their top three priorities.
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