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Innovation is one of those topics that means many different things to many different people. I've been fascinated by the science and technologies as well as the economics and drama behind it for years. I hope you find this week's blog post interesting and hope you will subscribe, or better sign up for a paid subscription to feed my coffee habit!
Innovation Unveiled: Both Preventing and Creating Surprises
markbregman.substack.com
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Education & Research Specialist - Education Improvement | Gender Equality | Gender & Climate action | Civil Society
"Blue Ocean Strategy, Expanded Edition: How to Create Uncontested Market Space and Make the Competition Irrelevant is a book by W. Chan Kim and Renée Mauborgne that describes how companies can create new markets and avoid competition. The book was first published in 2005 and has become a classic business book. The authors argue that the traditional approach to business is to focus on competing with other companies in existing markets. They call this the "red ocean" approach. In contrast, they advocate for a "blue ocean" approach, which involves creating new markets where there is no competition. The authors identify six principles for creating blue oceans: 1. Reconstruct market boundaries. This involves looking beyond the traditional boundaries of your industry and identifying new opportunities. For example, Cirque du Soleil created a new market for circus entertainment by combining elements of traditional circus acts with theater and dance. 2. Focus on the big picture. Instead of focusing on competing with other companies, focus on creating new value for customers. For example, Apple created a new market for smartphones by focusing on the customer experience and designing a phone that was easy to use and had a sleek design. 3. Reach beyond existing demand. Instead of trying to increase your share of an existing market, try to create new demand by appealing to new customers or by creating new products or services. For example, Netflix created a new market for streaming video by offering a subscription service that allowed customers to watch movies and TV shows online without having to buy them individually. 4. Get the strategic sequence right. The authors argue that there is a specific sequence of steps that companies need to follow in order to create blue oceans. This sequence includes identifying the key factors that customers value, creating new value combinations, and eliminating or reducing factors that customers do not value. 5. Overcome organizational hurdles. The authors acknowledge that it can be difficult to implement blue ocean strategies in large organizations. They provide advice on how to overcome common hurdles such as resistance to change and bureaucratic inertia. 6. Build execution into strategy. The authors argue that it is important to build execution into strategy from the very beginning. This means developing a clear plan for how the strategy will be implemented and ensuring that the organization has the resources and capabilities necessary to execute the plan. The book also includes a number of case studies of companies that have successfully implemented blue ocean strategies. These case studies provide valuable insights into how to apply the principles of blue ocean strategy to real-world businesses. Blue Ocean Strategy, Expanded Edition is a must-read for any business leader who wants to learn how to create new markets and avoid competition."
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Real stories from real customers can propel your startup to new heights. Our recent article explores the power of UGC and how to harness it effectively. Let's innovate our approach to marketing together. [ https://hubs.la/Q02mk6720 ] #UserGeneratedContent #Innovation #BusinessGrowth
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Creative Director | Marketing Strategist | Copywriter | Storyteller | NYFA Grand Jury '22 | LAIF Board Member | Pitchers Juror '22/'23 | EX CD at TBWA | EX CD at Nitro
I’ll share a video with more of my thoughts on this. The main gist is that; as a creative or an innovator; you have so much resources to work with. Especially the ones you don’t need to pay subscription for😉. #creativestrategy #innovation #oyindamolafakile
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SVP, AGI Digital & Global Marketing | Agriculture & Food Infrastructure Innovator | Change Manager & Technology Leader | Scaling Growth & Operations | Marketing | Advisor, Speaker, Board Member
Embracing experimental marketing practices can accelerate growth by providing an innovative approach to identifying what truly works for both internal processes and customers. You can't get ahead without getting creative. In the face of economic uncertainty, experimentation can prove to be extremely lucrative by promoting creativity and providing a unique edge over competitors. #Innovation #CompanyCulture #BusinessGrowth #Marketing
How embracing a culture of experimentation can jump-start growth and innovation
fastcompany.com
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📰 The worst enemy of innovation is the desire to innovate at all costs The word innovation has become a very fashionable term. How to innovate with a long-lasting and efficient process ? 👉 Visit: https://lnkd.in/euGJUvtU 📢 📰 #managementconsulting #CH #Switzerland #crisismanagement #turnaround
The worst enemy of innovation is the desire to innovate at all costs
https://www.debbaut.solutions
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You only have 3 years left to make money as a creator. Creators should consider their time in the sun like an athlete does their time in the league. Creator led businesses are here to stay. But much like athletes, creators have a very short amount of time for prime earning potential. In the NFL, the average career length is 3.3 years. Then the majority don’t make much more afterward - unless you are lucky enough to score a lucrative talking head gig. Distribution channels like Facebook, Instagram, TikTok, YouTube, X and others may have longer lifecycles than 3.3 years. But almost all networks fade. Take Vine for instance. There were many creators that were successful there. Then Vine went out of business. How many creators were wiped out? There’s no promise that your YouTube channel will stay relevant. Maybe YT throttles your content. Maybe they change the payouts for rev share. Maybe what worked last year doesn’t work this year. Maybe you don’t have the same will to create content that you did before. Even @mrbeast’s channels may go defunct. Even Breaking Bad had a last season. That is why creators should leverage their audiences and build businesses off of them as soon as they can. But not every creator has the bandwidth and resources of a @mrbeast. Most full time creators are barely able to get their quality content out with the cycles they have in a day. That is why it is best for these creators to outsource their business operations to experienced operators. The creator keeps their bandwidth and gets to leverage their audience. Maximizing the earning potential with their time in the sun. That is what forgenew.co was created to do. If you’re a creator, book a call through the site or DM me on X or LinkedIn.
Forge New - Incubate New Products and Services
forgenew.co
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Venture Capital Lead & Serial Entrepreneur | Specializing in Consumer & SaaS | Scaling Businesses, Optimizing Operations
🚀 Learn from the best! This article shares valuable insights on successful companies that embraced new business models. Here's a key takeaway for you: 🔹 Embrace innovation fearlessly: Successful companies stay ahead by constantly adapting and evolving, showing us that innovation is the key to sustained growth. 🔹 Customer-centric strategies win: Putting customers first isn't just a trend—it's a successful business model. Customer-centric companies thrive by understanding and meeting their customers' needs effectively. 🔹 Agility is everything: These companies teach us that being flexible and agile in decision-making are crucial factors for navigating today's fast-paced business environment. 🔹 Sustainability matters: By integrating sustainability practices into their core strategies, these companies demonstrate the importance of long-term thinking in creating a positive impact. 🔹 Collaboration breeds success: Building strong partnerships and collaborations can lead to innovative solutions and growth opportunities that individual efforts may not achieve. Incorporate these lessons into your business approach to drive innovation and success! 💡 #BusinessInsights #Innovation #SuccessStories https://lnkd.in/gcAK4GMJ
Examples of Successful Companies Who Embraced New Business Models
valuer.ai
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Being human-centered and research-driven does not mean taking down requests on a deli counter slip and handing them off to design and engineering. Often, the most profound value you can bring to your end user is envisioning a solution beyond what they imagine is possible. I love love love this article from EIX | Entrepreneur & Innovation Exchange and Steve Blank (and thanks to Strategyzer for referring to it in their newsletter), which describes the importance of profound beliefs ("strong opinions loosely held") in designing innovation. 💡 "No profound beliefs but lots of customer discovery ends up as a feature list collection, which is detrimental to product development. Profound beliefs but no customer discovery ends up as opinion contests, and those with the loudest voices dominate. The winning combination is strong beliefs that are validated or modified by evidence gathered outside the building." 💡 ➡ Important addendum for social impact innovation: If your work is grounded in equity -- and it should be -- as an innovator, there can be a really thin line between profound beliefs that are helpful vs. those that don't meet the real felt need, or worse, perpetuate harm. I think it's possible to hold profound beliefs and be inclusive, if your team and processes have equity baked in. (And for that, I recommend looking to Creative Reaction Lab (CRXLAB)!) ⬅ #innovation https://lnkd.in/efwcfwtH
Startups Need Both Profound Beliefs and Customer Input
eiexchange.com
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"🌊 Embark on a journey through uncharted waters with the #BlueOceanStrategy. This concept inspires businesses to discover new markets and create demand where none existed, much like navigating the boundless ocean. Ready to set sail into your blue ocean? 🚤 #Innovation #BusinessStrategy"
Navigating Uncharted Waters: An In-Depth Guide to Blue Ocean Strategy
https://marketingino.com
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