Broaden your innovation horizons/ looking beyond traditional research and product development

Most people think first of product and technology innovation. Pictures of research centres and laboratories come too easily to mind. Yet many successful service innovations are rooted in the customer experience. A recent article in the MIT/Sloan Management Review has identified up to 12 types of innovation, many of which remain systematically ignored. It is exactly these underleveraged types of innovation which can generate the highest value for the business.

Looking beyond R&D is another path to broaden the innovation horizon. Involving customers to co-create, setting up open innovation platforms, engaging in mass-ideation or setting up prediction markets are all ways to accelerate the identification of new opportunities and validate their chances of success.

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Based on MIT Sloan Management Review, Spring 2006, page 78. ‘The 12 Different Ways for Companies to Innovate’ by Mohanbir Sawhney, Robert C. Wolcott, Inigo Arronniz, Northwestern Univeristy’s Kellogg School of Management
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