Four Innovation Predictions for 2011

Four Innovation Predictions for 2011

In 2011, open innovation will become even more important. With open innovation, firms will receive ideas and develop them with partners and customers. However, there are risks associated with this, such as the firm failing to deliver new products based on these new ideas. Another trend in 2011 is that experiences will become more important than products. People will shift from a consumption economy to demanding more meaning from what they buy. Firms that understand this will be more successful. Additionally, many firms will seek ideas to shorten the product or service development lifecycle to get their best ideas to market faster. Finally, as the need to generate new ideas becomes paramount, creativity will find a new, welcome role in larger organizations.

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More Innovation Resources:

Supply chain innovation: Using co-creation to unlock hidden value -

Supply chain innovation: Using co-creation to unlock hidden value -

Harley Davidson and Premier Foods found success by asking their suppliers for operational efficiency ideas. A Sprint style co-creation session can help businesses identify opportunities, problem-solve and generate innovative ideas.

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Open Services Innovation

Open Services Innovation

Innovation management and service offerings can help companies escape the commodity trap, as seen in the transformation of GE Aviation’s business model to offer engine maintenance and repair services through their ‘‘Power by the Hour’’ pricing model.

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Implement Creativity like a Religion and You'll Need Miracles to be Successful

Implement Creativity like a Religion and You'll Need Miracles to be Successful

Successful innovation isn't about dreaming up science fiction, it's about predicting what will be normal tomorrow. Small, incremental ideas can be just as effective as breakthrough solutions.

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