How to Spot Innovation Opportunities

How to Spot Innovation Opportunities

To ensure long-term survival in the face of disruptive innovations, companies must focus on finding their own innovative power by identifying opportunity spaces for growth and development. This process involves a comprehensive innovation management approach that defines a company's business domain and considers the potential for disruptive innovation, relevance for the target market, and related trends and technologies. Corporate foresight and environmental scanning within and outside the company are essential components of this process. Finally, software-supported data mining tools enhance the discovery and design of an innovation field and prepare the ground for innovative strength.

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More Innovation Resources:

How to generate new business ideas: The startup guide

Learn how to strategically generate business ideas with these 10 tips, from finding problems to solve to developing and testing potential solutions.

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What is the Difference Between Innovation and Invention?

Invention and innovation are scientifically distinct concepts that have an impact on strategy. Inventions are greenfield opportunities and create their own market, while innovations penetrate developed markets and may face competition.

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Who is responsible for innovation?

Who is responsible for innovation in your firm? Many organizations lack a clear leader for this important business function. A Chief Innovation Officer can help evaluate and implement new ideas.

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