Crowdsourcing comes in four forms: garden variety, distant expert sourcing, expert targeting, and force multiplying. Plan for life after the challenge, and rebrand failure as a valuable lesson.
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.
Today's business focus is often on short-term goals and efficiency, creating a "tyranny of today" that hinders innovative thinking. Companies must balance this with a focus on future opportunities to stay nimble and flexible.
