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1. Which Companies Benefit from Strategy Innovation
A strategy innovation process may not be right for every company. However, it is difficult to cite what type of company would not benefit from understanding their customers better, gaining valuable foresight about their emerging marketplace, and considering how changes in their business model could provide a competitive advantage. If your company fulfills these requirements, you can benefit from a strategy innovation initiative or an ongoing strategy innovation process. Listed below are those types of...

2. The Five Phases of the Strategy Innovation Process
The strategy innovation process is a method for creating a portfolio of innovative, new business opportunities that could become the basis for a new strategic direction for your corporation. Corporate teams that have taken these journeys liken themselves to reconnaissance teams, sent by their companies to explore the strategic frontiers of their industries. The Strategic Innovation Process is a series of phases, not a linear series of steps By carrying out the phases, your company will avoid some of the proce...

3. Flexibility of the Discovery Process and Strategic Innovation
The purpose of a strategy innovation initiative that is right for your company will typically depend on the following factors: Size of company Size of industry Type of industry Strategic frontier Degree of innovation desired Size of Company In general, larger companies have more resources available for strategy innovation than smaller companies. Yet the process of identifying new business opportunities is equally important, if not ...

4. Business Strategy Innovation and Product Innovation
It is interesting to note how many companies in recent years have adopted ‘‘innovation’’ as a core value or as part of their mission statements. If we as a society have moved from the Information Age to the Knowledge Age, then this relatively new emphasis on innovation is quite logical. When information is ubiquitous and is no longer a source of competitive advantage, it is the innovative use of that information (via knowledge) that differentiates people, companies, and nations. Innovation ...

5. Risks Involved in the Discovery Process and the Strategy Innovation
There is very little at risk with a strategy innovation initiative, other than the time and money invested by the team. The internal team sets the overall budget so that costs (primarily in the Exploring Phase) can be controlled to whatever level represents a reasonable investment in the company’s future. We have never encountered an initiative where discussions with customers and industry experts did not lead to valuable insights for the company. The only question is whether the impact of those insi...

6. Strategy Innovation as a Source of Corporate Renewal
Strategy innovation is often considered the calling card of startup companies looking to enter already-existing markets. However, established companies also use strategy innovation to their advantage, if they have the instinct for it. We recognize this instinct as a strong, internal emphasis on corporate ‘‘renewal.’’ The instinct for renewal is something beyond a cultural norm; it seems to be embedded in the organization’s DNA, what it sees when it looks in the mirror. These companies...

7. The Corporate Dilemma of the Current Business vs. the Future Business
It is not easy for the senior management team of an existing company to navigate the white water conditions of a dynamic marketplace. Everything seems to be constantly changing—products, technologies, competitors, customer needs, distribution channels, and so on. How should the company respond? Is it better to take action or wait for the market to settle down? Should the company stick with their current strategy or move to a new one? On the one hand, the company must manage its current business, whic...

8. Developing Applications with the User in Mind
The corporate scenario described in this article is an example of a common problem in the development of management support systems: in both systems design and implementation, too little attention is given to the needs and perspectives of the end user. Inadequate attention to ease of use in system design and lack of appropriate training and conversion preparedness affect applications aimed at salespeople, production people, administrators, middle managers, and senio r management. These shortcomings can be observed in companies across ...

9. Milestones in Venture Development
Despite the vast differences between one startup and another, we will attempt to describe the main stages in the development of ventures, which are common to all startups. An understanding of these stages is vital for planning the capital-raising process, since they are intimately tied to the startup's cash burn rate, its ability to raise capital, its value, and the amount of capital it needs to raise. The development of a startup may be tracked along four principal development dimensions. Its combined progress on all fou...