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.