Remember the time when companies like Netflix and Amazon started the subscription economy? It is one of the greatest examples of digital disruption strategy. This disruption within the media and entertainment industry changed how consumers accessed content and monetized by advertisers. It has been seen that digital disruption can make or break companies. Having said that, it is inevitable.
The employees, consumers, company processes, and creative strategies are the keys to a successful business environment. Through product innovation strategy, leaders collect and understand the complete details of products a company offers and their environment. There is nothing wrong with getting points from others, but copying their strategy for your organizational growth is a mistake. A clear-cut product innovation strategy helps you to match your specific competitive needs (Kheirandish & Mousavi, 2018).
Rapid development, change, innovation, and disruption characterize the digital economy. Those stages are vital, but they aren’t the end-all solution. Companies that wish to stay ahead of the curve must adapt to the new digital world. On the other hand, a digital transformation includes more than just deploying new technology or enhancing old processes. You can’t merely react to changes if you want to stay competitive; you must foresee them and drive innovation yourself. Companies must plan and be active creators of their future to achieve success. In fact, a digital transformation strategy can help with this.
The open innovation model first came into light in 2003 when Henry Chesbrough introduced it to the world. Chesbrough felt the need to diversify knowledge and perspectives within a firm and use this to help innovate new dynamics. This model brought a unique stir in firms and companies, and the vibrations of the stir still reside in the worldwide market.
A technological innovation system explains the rate and quality of technological change. It is a part of the bigger theoretical school, the Innovation system approach. Technological change is the process of invention, innovation, and diffusion of a newly-developed technology or gadget. Knowing and understanding its rate falls under the system of technological innovation.
Systems Innovation is the restructuring of social, economic, and technological systems. The term has been floating around for a while vaguely but is gaining more prominence. It is not just about a specific aspect or end product but the whole system which needs to be improved or replaced. New ideas and innovative methods of accomplishing new tasks and challenges are most important.
A successful business calls for both creativity and innovation. For all to work well, one needs to ensure that both are well incorporated in the process of business making. Both require the inclusion of new thoughts, processes and ideas to make an impact on a venture. Both play a crucial role in the success of every business. Creativity alone is incomplete without innovation and vice versa.
Over the past century, we have observed a leap in medical advances: from novel drug discoveries and diagnostics to the digitalization of various health services. However, there is still a lag in delivering these outstanding innovations to the more marginalized section of the world. And to bridge the gap between healthcare advances and individuals in need, the WHO introduced the social innovation in healthcare initiative in 2014. But, what is social innovation, and how does it help our concern for healthcare advancement? Let’s find out.
Famous architect, inventor, designer, and developer of the geodesic dome R. Buckminster Fuller once said that we need to build new models that render existing models obsolete to change something. A multitude of crises plagues today’s world––climate change, food insecurity, pandemics, poverty, and many more––and so radical solutions that go against the grain of convention and bring about positive change have become the need of the hour. This is where social innovation in entrepreneurship can be a vital tool.
Social Innovation has been the talk of the town recently, so much so that The World Economic Forum’s global has an advisory body for it. The Global Agenda Council, comprising practitioners and thought leaders, has defined a social innovation model as the application of sustainable, market-based, and innovative approaches to help society in general and low-income sections of the population in particular.
