This episode in the LBS Innovation Series shows Christine Axton, Director in Monitor Deloitte’s Strategy Practice. Her talk is about how companies hold on to their ability to innovate and how they achieve, and keep, an innovation premium in the market.
Christine presents a short overview of the business tool innovator’s method and illustrates its application in a case study. The innovator’s method is designed to help firms create and maintain an innovation premium, and more specifically to manage uncertainty in the innovation process. The approach seeks to manage uncertainty across the key end-to-end innovation process for start-ups i.e. insight; problem; solution; and, business model.
Where innovator’s method differs from other tools such as lean start-up, design thinking, agile software, lean start-up and business canvas etc. is primarily regarding the steps of the innovation process they emphasise. The innovator’s method offers a set of tools and methods to consider and test uncertainty at each of the end-to-end innovation process steps. The power of this approach is to ensure start-ups don’t go to market wasting time and resources on things customers don’t want. Many start-ups make the mistake of leaping straight to solutions without first understanding the real problems and uncertainty associated with their product/service.
Watch Christine’s presentation below:
This blog is part of the LBS Innovation Series, developed by Dr Mark Cloney, Professor of Practice in Economics in the La Trobe Business School. The series was developed after the successful National Innovation Forum organised by La Trobe Business School, NORTH Link and Deloitte Consulting P/L.
More blogs in the LBS Innovation Series:
- LBS Innovation Series: Introduction
- LBS Innovation Series: Universities’ engagement with industry
- LBS Innovation Series: A start-up science story
- LBS Innovation Series: Think big or go home
- LBS Innovation Series: Welcome to the 4th Industrial Revolution
- LBS Innovation Series: How can universities strengthen firms’ innovative ability?
- LBS Innovation Series: Melbourne Innovation Centre – A case study in innovation
- LBS Innovation Series: The critical factors that determine why start-ups succeed (and fail)
- LBS Innovation Series: An eco-system, satellites and stage
- LBS Innovation Series: University-industry collaboration and Intellectual Property