What is Strategic Innovation? Why is it so important today for organizations to innovate? How did it become vital for survival for businesses like the Yellow Cab? What are the types of innovation, and how can one use the existing tools and techniques to achieve innovation within their businesses? Learn all about strategic innovation by downloading this whitepaper on Strategic Innovation - http://bit.ly/2JN94ra Acknowledgment: Originally written by Dan Montgomery and Gail Stout Perry for the Whitepaper titled "STRATEGIC INNOVATION" published by Corporater. Read the exclusive whitepaper here - http://bit.ly/2JN94ra

1. INTRODUCTION TO
STRATEGIC INNOVATION

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Today, innovation acts as a
game changer for businesses,
helping them to improve their
speed to market while at the
same time enabling
organizations to deliver superior
customer experience and
increased revenue.
INTRODUCTION TO STRATEGIC INNOVATION

3.  Need for Strategic Innovation
INTRODUCTION TO STRATEGIC INNOVATION
• Every organization—private business, non-profit,
government agency-must innovate
• In a global interconnected world, economic sustainability
and market growth depend on innovation MUST INNOVATE!

4. So, what does it really mean to
“innovate”? And what does
“strategic innovation” mean?

5. Innovation
means more
than simply
adopting the
latest
technology.
Now the
answer!
INTRODUCTION TO STRATEGIC INNOVATION

6.  What is Strategic Innovation?
• Strategic Innovation gets at the core of how an organization
has to manage change and adapt to changing circumstances
• Think of some of the best-known innovators
INTRODUCTION TO STRATEGIC INNOVATION

7. • Invented the light bulb
• But in reality, he merely bought a patent, hired someone
to design a better filament, and popularized the usage of
light bulbs
• In other words, he connected some things that already
existed and figured out how to monetize the idea
• This is one definition of innovation
1 | Thomas Edison
INTRODUCTION TO STRATEGIC INNOVATION

8. • Created the moving assembly line
• Ford had a strategic goal to drive down costs by
standardizing his assembly process
• He took many ideas from the gun manufacturing industry,
but when he visited a meat processing plant and saw pigs
being moved down a ‘disassembly’ line, he realized he could
do the same thing in reverse to further streamline the
assembly of automobiles
• One idea built upon other ideas
2 | Henry Ford
INTRODUCTION TO STRATEGIC INNOVATION

9. Incremental
Innovation
The 2 Main Categories Of
Innovation
Disruptive
Innovation
INTRODUCTION TO STRATEGIC INNOVATION

10. Take something that exists and make it better
Example: The introduction of a new version of software to align to
changing user needs (also called “sustaining innovation”)
Edison and Ford, referenced before, are examples of incremental innovation
Incremental
Innovation
INTRODUCTION TO STRATEGIC INNOVATION

11. All innovations are incremental: one idea combined with another idea to
create something better
The term disruptive innovation applies when the idea ends up disrupting
the way things are done in an industry or changes consumer behavior
Edison and Ford are remembered because their incremental innovations
became disruptive
Disruptive
Innovation
INTRODUCTION TO STRATEGIC INNOVATION

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EXAMPLE
• A modern example of disruptive innovation is Uber
• Uber used incremental innovation to solve the
problems
• Uber was born by creating an app that connects drivers
with people who need rides
• It has disrupted the taxi industry by changing the
consumer behavior
INTRODUCTION TO STRATEGIC INNOVATION

13. • Taxi revenues are falling fast but New York City’s
Yellow Cab has figured out how to innovate
• Yellow Cab had the strategic advantage of already
having a huge network of trained and trusted drivers
• They one-upped Uber by innovating their own
processes to deliver the same customer value
proposition as Uber, plus a safe experience with a
known brand
• This is incremental innovation in response to
disruptive innovation
EXAMPLE
INTRODUCTION TO STRATEGIC INNOVATION

14. What tools and
systems are available
to help innovating
organizations
compete and grow in
their markets?
Where should
organizations
innovate and
how?
Read the thought-leadership paper to know more about strategic innovation.
INTRODUCTION TO STRATEGIC INNOVATION

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Download the
Strategic Innovation
Whitepaper now!

16. DELIVERING BETTER BUSINESS OUTCOMES
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