Lessons from Lego: Low risk innovation tools for everyone!

Lessons from Lego: Low risk innovation tools for everyone!

LEGO's success story can be attributed to their low-risk innovation strategies which saved the company from bankruptcy in 2004. By restructuring, hiring a new CEO, and introducing more licensing partnerships, LEGO managed to turn things around. One of their key strategies was embracing their creative fan base for design ideas and developing open innovation policies through the LEGO Ideas portal. They also employed rapid prototyping techniques and embraced new trends in knowledge sharing and software delivery. The book Innovation Tools outlines these successful techniques and explains why innovation is important for businesses.

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More Innovation Resources:

Our Favourite Innovation Blogs

Our Favourite Innovation Blogs

Discover the best blogs to learn about innovation management in order to get inspired and come up with new, game-changing ideas for your business.

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An image of a vibrant abstract tree with currency sign leaves representing growth and investment.

Turnbull's Innovation Policy: What's in it for big business?

Australia unveils a $1.1 billion innovation package to boost the country's startup ecosystem and promote entrepreneurship.

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How Fast Should You Innovate?

How Fast Should You Innovate?

Innovation is necessary to stay ahead of the competition as the rate of change increases. A strategy for constant and planned innovation activities is recommended.

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