Innovation Strategies for Driving Business Model Success
One of the biggest challenges for a firm is to effectively innovate to drive business success. This is a practical and interactive session that helps business leaders to understand the essentials of a successful innovation strategy, to explore how to innovate their business model, to apply these principles to their firm and to define an action plan to boost their business performance.
Why CEO’s and Business Leaders Benefit:
- Innovation is key to the survival of a business
- Innovation is a key driver for growth of a business
- Understanding and making the right choices for innovating are a key decision-making skill for CEOs/business leaders
- Supports businesses in running new projects and establishing new ventures.
Key Points Covered:
What is Innovation
- Understand the definition of innovation. Ask participants to share their view of what innovation is and examples of ‘good’ innovation.
- Why innovation is important and how it adds value to a business (e.g. by creating new value for customers, increasing efficiency of the business etc)
- Describe the different levels of innovation – often businesses are doing innovation, but they don’t recognise it and don’t think they are innovative. Apply this thinking to the participants business and they define the types of innovation they have done. A framework for the different types of innovation is introduced and participants map their businesses to this model.
Where to Innovate
- Understand where businesses get the best return on investment on innovation.
- Business model innovation gives the best ROI on innovation and therefore we map the business model for the participants business and then look at how to innovate their business model. A framework for mapping their business (Business Model Canvas) and a systematic innovation tool (4 Questions) are introduced and applied to the participants businesses.
- Suggested next steps that participants can take in their organisation to identify and action their innovation strategy.
- Share tools for action planning and using to develop their innovation strategy.
- To explore the concept of innovation
- To identify the innovation strategies for driving growth
- To introduce a business model innovation framework
- To provide ideas and tools for successfully applying strategic innovation techniques to your business
- Concepts and practical frameworks to apply to their businesses (innovation definition, innovation curve, business model canvas, 4 questions)
- Inspired to identify and action innovation opportunities in their businesses
- Share learning and experiences with their peers during the session
- Practical suggestions for an action plan to take back to their business
- Opportunity to work with an expert (practitioner and professor) in the field of innovation
Expected Call to Action
The workshop has a number of suggested actions for participants to take forward:
- Agree a definition of innovation for your organisation with your team
- Develop a common language for innovation
- Use the ‘innovation curve’ to identify the types of innovation that you have undertaken in your organisation
- Demonstrate the innovation that you have already done in your business
- What ‘tinkering’ could you do?
- What ideas can you copy from other industries?
- Identify opportunities for strategic innovation in your business using the innovation strategy table
- Map the business model for your firm with your team
- Choose different parts of your business model to look at innovation options using the 4 questions framework
I have worked with numerous organisations using these concepts and they have applied ideas in a variety of ways from instigating new projects, training more of their staff on innovation, creating new innovation roles etc.
Added June 2019.