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:

Can Prediction Markets Forecast Successful Innovations?

Prediction markets are more effective than voting for selecting successful innovation ideas, as they engage employees through gamification and quantify the opportunity.

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Transform European activities around innovation ecosystems

The EU needs to transform innovation activities and be bolder in its innovation agenda to keep up with global competition. Innovation Platform Ecosystems need serious consideration to change the innovation dynamics.

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Will you shape innovation, or will it shape you?

Are we losing sight of the power of innovation? This article warns against complacency and suggests we need to encourage creativity and innovation in order to unlock new possibilities.

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