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Corporations
The value creation through new business models is changing the mentality and the way of approaching businesses. Companies that have experienced higher growth in their operating margins in recent years are 2 times more likely to integrate innovation across their business models.
Technological innovation in corporations is as important as the management of innovation processes and methodologies to have a stable, diversified innovation portfolio aligned with the corporate strategy and external market agents. This mentality incorporates intrapreneurs who drive creative projects, overcome the barriers to change and generate value.
With end-to-end experience in innovation processes, at FVC we accompany you in your challenges of corporate innovation and intrapreneurship. We help you transform the business culture towards an open, creative, and sustainable mindset.
Innovation management builds up the process and framework to democratize the practice of innovation by creating a shared library of resources and connecting a network of practitioners. It introduces structures and systems to formulate, organize, and act upon new ideas as one of the best ways to optimize internal innovation.
Empower yourself and your organization to anticipate, embrace and capitalize on exponential technologies and trends.
Champion a culture of transformation, and track culture and behavior change within your organization.
After years of downsizing and cost cutting, corporations have realized that they can’t shrink their way to success. They’ve also found that they can’t grow rapidly by tweaking existing offerings, taking over rivals, or moving into developing countries. Because of maturing technologies and aging product portfolios, a new imperative is clear: companies must create, develop, and sustain innovative business models.
New businesses are quite different from the existing ones, with cultures all their own. Many are born on the periphery of companies’ established divisions; and, at times, they exist in spaces in between. Because of the high levels of uncertainty associated with new ventures, they need adaptive organizational environments to succeed. Are you ready to build up a corporate entrepreneurial mindset?
New businesses require innovation, innovation requires fresh ideas, and fresh ideas require creative mavericks. Some degree of unconventional thinking is essential for new businesses. It is time to chase your mavericks, let them think out of the box and guide them through a structured innovation process.
New businesses are difficult to finance for long periods, and in times of austerity, they are the first to face funding cuts. Companies design systems to match the needs of mature businesses, and not the strategic, conceptual, and entrepreneurial skills that startups require. Let us help you to modify your systems so they are less biased against new businesses.
Successful innovation needs interactions among multiple actors from multiple parts of a company. In the journey from ideation, product creation, first customer sales, growth and scale, multiple parts of the organization are inevitably involved in innovation. Therefore, organizational alignment around innovation is critical. Companies need to create an internal process that:
1. Facilitates the serendipity that creates sparks of creative ideation.
2. Captures and tests the outputs of this creative ideation.
3. Transforms ideas into successful products with profitable business models.
The answer is yes. They will help your business grow, give access to innovative new technologies, facilitate to discover insights to improve your offerings or to create new ones, and increase your opportunities to test new technologies and business models.
But what is the most suitable ecosystem for my company? Let us guide you in the ecosystem analysis and design process.
Encourage your innovation ecosystem agents to partner with you through direct routing to decision makers in your organization, a safe contractual framework, full transparency processes, and trust.
Boost internal innovation with targeted innovation campaigns. Take your intrapreneurs out of the box and challenge them to believe that innovation processes are the best way for individual and collective growth over the time!
Any company should set up a portfolio of products and services. This portfolio should contain products that cover the whole spectrum of innovation, which can be classed as core, adjacent and transformational.
You should have early-stage and mature and stablished products and may also consider having disruptive products that are aimed at lower-end or emerging markets. Your goal is to have a balanced portfolio where you manage various business models that are at different stages of their lives.
Focus your efforts on making incremental changes or optimizations to existing products for existing customers.
Take some skill that you do well (a core competence) and apply to new markets or the development of new products.
Create new offers for new markets.
Any company needs a framework to manage the innovation journey from analysis to execution. You will need to define the rules and processes to create, test and scale your ideas; and, every now and again, refresh the business model renewing innovation activities.
Use design thinking processes to generate great ideas and break down the silos of specialized departments and create cross-functional teams.
Testing customer needs and the proposed solution are such an important part of innovation. Nothing else you will do matter if you are not making something people want.
Identify your growth engine and tune it! Identify the right metrics to create value and deliver profitability.
You will be exploiting found success of mature and stablished products by milking those cash cows! However, if you want to continue milking the cows you will need to keep feeding them with new ideas.
Account your innovation projects and their impact in the market penetration. FVC provides you a framework of industry specific key performance indicators for your business model.
Make investment decisions on different products and services in different points in your innovation journey and ensure that you are investing appropriate amounts.
Track and measure the success of specific innovation projects, inform executives to make decisions and keep investing in certain products versus others.
Assess the impact that innovation is having on the business as a whole, to see whether you are meeting innovation goals and portfolio targets.