Journey to Global Co-Innovation

The quest to open up the organization's R&D boundaries by incorporating innovation from external sources.

TOMORROW'S CHALLENGES

THE CO-INNOVATION SWEET SPOT

Companies pursuing a strategy of co-innovation can mess up in two ways: changing too little or changing too much

Shifting industry boundaries mean that change is happening faster and coming at us from all directions. It is becoming harder to keep up by innovating alone. According to Caroline Firstbrook, managing director for strategy at Accenture in EMEA and Latin America, "Technology has become so specialized now that nobody can afford to do everything at the highest level and you have to partner with a specialist."

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FT CASE STUDY

THE OPPORTUNITY AT THE BOTTOM OF THE PYRAMID

When Venkatesh Iyer co-founded Goli Vada Pav with Shiv Menon in 2004, he saw a big opportunity in selling affordable, clean, ethnic fast food to lower-income customers in India. Mr Venkatesh, now chief executive, saw a potential market of 500m mostly teenage and young adult Indians paying Rs10 (about 20 US cents) or more to eat a vada pav, a typical Mumbai street-food dish of a spicy vegetable patty in a bun. He was also counting on big social changes under way in India, including longer commutes for lower-middle-class Indians, who he noted "don't have so much time for food." Goli Vada Pav would occupy a potentially lucrative spot between traditional street-food vendors and global chains. The goal was to sell hygienically prepared food with an authentic touch.

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TOMORROW'S CHALLENGES

STILL WAITING FOR THE "EUREKA MOMENT?"

Five lessons to boost your innovation practices

Innovation ain't what it was. It was once the province of a department, with a clear remit: new product development. Today, it's everywhere. It concerns not only products and services, but also processes, technologies, business models, pricing plans and routes to market, even performance management practices - the whole value chain in fact.

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TOMORROW'S CHALLENGES

LEVERAGE THE SUPPLY CHAIN TO IMPROVE YOUR COMPANY'S BOTTOM LINE

Forming win-wins with suppliers in a post-financial crisis world

Scarcity of raw materials and soaring prices for commodities, the financial crisis and the increasing intensity of natural catastrophes have created a paradigm shift that requires a fresh analysis of how the corporation relates to the global supply chain. In a stalled or shrinking market, a 10% cost reduction in supply chain efficiency can easily produce more return with less effort than a 10% increase in sales.

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TOMORROW'S CHALLENGES

WHAT IS THE NEXT BIG INNOVATION IN INNOVATION?

The secret just might be out!

Engaging users is among the many secrets that underlie successful innovation. The newest innovation in innovation is the use of rich media and online interactivity to involve broad audiences in the process. The technology that underlies Web 2.0 enables full bi-directional conversations online, putting users into the creation seat for the bulk of new internet content.

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Discover the book

IMD's professors identify and address the seven transformation journeys that are reshaping corporations today.

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Professor William A. Fischer on the risks and advantages of co-innovation

Extract from a Wednesday Webcast: "Benchmarking innovation practices," interviewed by Paul Hunter. This webcast is part of the virtual services available exclusive to members of the Corporate Learning Network (CLN).

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