Great innovation is like a great insight; you just see how right it is after you hear it or see the result of it. It’s an “aha” moment.
Businesses have to transform to be more relevant and resilient in this always on, digital world – the time for excuses is over. Because if you don’t do it, with relatively low barriers to entry these days, someone is going to change your sector, industry or category forever.
But companies can also diversify the offerings in their product portfolio through good innovation practices and good design thinking. Many of the companies listed in this Interbrand report could have been developed by a legacy company, looking for growth outside of their existing category, while leveraging their innate competencies. For example, AirBnB could have developed Drivy, which provides a platform to rent your neighbour’s car. An account software provider could have developed Square.
But you must first emotionally and rationally sign up for the journey. And the process does not have to be endless, expensive or distracting.
See this overview from Social Media Week contributor Katie Perry,@katieeperry, reviewing Interbrand’s list shared on Social Media Week #SMW17. Source: Report: Don’t Sleep On These 40 Next Generation Brands