Innovation Models

With industries from banking to healthcare being transformed and, in some instances, undermined by new business models and technology, executives are smart to wonder, “Are we next?” To confidently answer no, what you really need to do is work more like Amazon and Google who’ve put a system in place that allows them to continuously innovate.

Innovation vs Execution

The innovation model begins with a business portfolio map that divides your business into two distinct functions: innovation and execution. The innovation motto is “Fail fast.” The execution motto: “Failure is not an option.” The innovation function is dedicated to iterative search through experimentation to produce a pipeline of tested and validated ideas. The execution function is dedicated to the day-to-day business.

Realisation

Succesful implementation requires roles overseeing innovation and execution. For example, if a chief executive officer manages the daily operation, a chief entrepreneur heads up innovation efforts. Further consideration within the innovation arm should be given to product managers and a venture finance specialist because the investment philosophy for invention is different than traditional finance.

Poplify has extensive experience of product innovation working with startups to innovation teams in global enterprises. Our multi-disciplinary team has helped product managers convert product concepts, via a rapid iterative and interactive process, into product prototypes that have been succesfuly validated with users at a functional and emotional level. We have also succesfully transformed product prototypes into end to end multi channel software solutions within the execution function and continue to augment internal development teams.