Innovation & toys (R us).

Let me start by saying that there are obvious reasons as for why companies can't survive bankruptcy. Huge debt is a major one. Financial management is critical but there is more to it. In a very competitive business environment, innovation is not just a buzz word, it is a must. Imperative. It is a mean to an end (growth) as the alternative is a dead end. I argue that the rapid pace of technology changes in global markets highlights the importance of scouting for and incorporating technologies from the innovation ecosystem. 

I have seen few leading global "toy players" (and by players I refer to corporations, manufacturers and startups) looking for, developing and implementing innovation as a growth strategy. To be more specific, I would say that technologies such as Machine Learning / Augmented Reality / Artificial Intelligence / Virtual Reality. are all very interesting and relevant to these and all players, literally.

As stated in one of my previous posts, innovation, like any change, can be a very tricky thing... Sometimes it is not enough to think out of the box; one may need to break it in order to survive, grow and thrive. Saying "If it is not broken, don't fix it" is no longer relevant argument, when it comes to innovation.

I would be delighted to elaborate on possible innovation strategies and process implementation, as well as possible technology scouting solutions. 

amarin.meir@gmail.com

Why open Innovation is an essential mean of growth?

It is evident that the advancement in technology is dictating new "rules of engagement", new business models and innovation also in terms of business development. Change in the way of thinking and doing business is no longer a matter of choice but an essential mean of growth.

For many years the intellectual property (IP) has been considered as closed innovation. It means that IP has been controlled internally and served only the company itself. Open innovation, from the other hand, means that the company can also profit (for example) from licensing its IP to others, thus enabling new business models.

Research and development departments (R&D) served as an engine for new inventions, which has been developed and distributed by the company itself. The open innovation concept would suggest joined R&D efforts, which means that the company could benefit from other R&D source (a startup company, for example) realizing that there are other bright minds, in the same functional area, out there. The advantage is not only about increasing innovation but also about accelerating time to market. The company can integrate relevant technology from the outside, and use its already existed business infrastructure.

This could be a great business collaboration for the company and the startup as each business entity can benefit from the other's relevant strength. It is a winning combination of technological agility and business know how.

I am speaking from my own experience - during the past two decades, I have been intensively involved with several global corporations in business leadership positions (3M, Unilever & AMEX GBT). I have also worked for innovative startups, including one of my own.

It is essential to look beyond the existing business boundaries and gain access to new ideas, technologies and business models. Using open innovation methodology can accelerate business growth by providing critical competitive advantage.

Need a practical idea about open innovation?

amarin.meir@gmail.com

GlobalStart Business Innovation.

5 insights on Innovation. From Business  Leadership Experience.

My business innovation journey started years ago. I was really fortunate to work in a business leadership positions for few of the most innovative corporations in the world. Both 3M and Unilever are well known in general, and as innovation leaders, in particular. I was also inspired working for various startups, including my own venture. The business and technological areas I have covered were and are truly diverse. From advanced autonomous aerial platforms through innovative bio-metrics systems, communication technologies and HLS solutions. There was one thing in common, though for all the companies and ventures I worked for - the passion to innovate and grow. I would like to share few insights about this magical word - innovation.

1. The upside down puzzle

If I should visualize it, I would say that innovation is like solving an upside down puzzle. You think you know what you should do but it is complicated without seeing the overall picture. You start with the 4 edge pieces and focus on the piece by piece context. It means that you should concentrate better on visualizing the shapes instead of colors shades. Innovation is the way that lights the process, where eventually the pieces fit together. Once acquiring the innovative mindset, it really doesn't matter which way the puzzle faces. 

2. The 4 edge pieces

Innovation boost in any organization requires focus on 4 critical elements. Business leadership, employee's empowerment, lean management orientation and external influence. Innovative inspiration starts with the top leadership as a strategic decision. It is then become an integral part of the organization, an embedded value which contributes to true culture of innovation. Such culture could be better adapted by empowered employees. Employees that are encouraged to dare and take smart innovative risks, The human factor is one aspect of the equation. The organization itself should also adapt lean business management orientation to better support the overall culture of innovation. Still, it is not enough. Sometimes thinking out of the box is not enough. One need to go and interact out of the box. It means oneness to external influence, such as business cooperation and partnerships.

3. Setting the expectation

Innovation is an opportunity to embrace change, but we all know that change is not trivial. It should be managed as any other project, answering an immediate need with a long-term impact. The practical implementation of innovation may not necessarily result revolutionary change. It will, however reveal critical and practical advantages such as better / other products, advanced solution, improve ease of use, better price or even enhanced customer experience.

4. Implementation innovation comes with challenges

There is no one innovation program or magic formula that fits all, by definition. Innovation comes in different ways, shapes and forms. It is accepted and embraced differently by various organizations. Customized innovation program that introduces number of principals and practical methods can be considered. Once properly engaged, it should actually encourage creative thinking, problem solving mind-set and eventually a process and culture of innovation. For a purpose.

5. It is a fact

The rapid pace of change in the business arena combined with disruptive and accelerated technology capabilities, demand more innovation at a much faster rate. It not a question of when but how. The sooner the better...

Business innovation in action

The creative and diverse career journey has provided me with valuable innovative attitude - from experience. I know it from first hand because I have been there. The combination of 20 years of diverse business experience together with unique academic studies (BA in Philosophy & MA in Public Administration) has provided me with significant innovation tool-box. It is my mission now, to assist and support ambitious companies interested to grow and innovate. 

Feel free to contact me for more. 

amarin.meir@gmail.com