Exploring and Exploiting for Innovation (Part 1)

Exploring and Exploiting for Innovation (Part 1)

Exploring and exploiting have been the yin and yang of corporate America for centuries. Innovation tools aren't new, but they help us create miraculous new things. Companies need to be good at both exploration and exploitation, but the old models of outsourcing exploration and exploiting discoveries based on low cost, low risk, and minorities should be rethought. Rethinking innovation strategies to align with new competitive realities is important. Companies need to balance their explore/exploit intention and rethink their philosophy.

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More Innovation Resources:

How Data is Changing the Internet of Things

How Data is Changing the Internet of Things

The Internet of Things creates massive amounts of data, but it's the new functionality that data can enable that is truly powerful for businesses.

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The Perfect Paradox

The Perfect Paradox

Innovation is about navigating through uncertainty without passing early judgement. Keep an open mind and search for the perfect paradox to find uncommon commonalities.

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Avoid jointly owned IP like the plague

Avoid jointly owned IP like the plague

Joint ownership of intellectual property is often unfair and unworkable. It is important to clearly define ownership in the intellectual property terms and conditions section of cooperation agreements.

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