> Innovating for growth: a spiral approach to business model innovation
Innovating for growth: a spiral approach to business model innovation
Introduction from Maria Pinelli
"It is not enough just to be innovative. It is essential to be innovative all the time."Maria Pinelli
Mention the word "innovation" and most people will think of extraordinary inventions created by solitary geniuses.
However, the majority of business innovations today are quite the opposite. The companies that generate them thrive on collaboration, a free exchange of ideas and regular interactions with customers and other stakeholders.
They innovate not necessarily to revolutionize their industry but to meet specific objectives and carve out a competitive edge.
Perhaps most important is that innovative companies do not outsource this function to a department or committee. Nor do they hastily come up with an innovation plan when the corporate strategy calls for it. For them innovation is a way of life. It is what they do.
To do it well, companies change whatever needs to be changed including:
Core products or services
This doesn't happen randomly: leading companies do follow a process to innovate. Our research has found that this tends to be a spiraling, iterative approach. This approach embeds innovation in every aspect of the organization.
It is not enough just to be innovative. It is essential to be innovative all the time.
Maria Pinelli Global Vice Chair, Growth Markets EY
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.