Innovation Isn’t Just About New Products

Group 4
Abhinav Ahuja 190103204
Adhip Pandita 190103009
Aparna Mohapatra 190103031
Akshat Narayan 190103020
Rochit Tengshey 190103219
Vishal Jeswani 190103187
Pritish Chadha 190103188
The innovation isn’t about product innovation. Many organisations have focused on product
innovation for a very long time and Microsoft – one of best product innovators, in 2010
launched a social phone called Kim which failed and costs $240 million in just six weeks.
Companies must better integrate product innovation with business model, process and
service innovations to achieve sustainable growth. To achieve meaningful and lasting
differentiation of transforming a company requires dualistic mindset – the organizational
ability to deliver near term results and also prepare for perpetual results year after year.
Barriers and risk to achieving dualistic mindset
• Absence of required mindset to harvest and manage great ideas
• Lack of resources available for investment in innovations
• Human capital which are underutilized and disengaged from an organizations creative capacity
• Broad products and delivery capabilities which dilute focus on emerging opportunities
• Organisational orthodoxies that hold onto past and discourage risk-taking
Often we see new start ups coming in and dominating an industry. How? Because large
organizations leaders have done little to remove those barriers. They lack Innovation intent.
Innovation Intent must be vividly clear for everyone in the organization. The intent help
alignment to business initiatives and id driven by business strategy.