Innovation StrategyReinvigorate Your business: From Strategy to Execution
Pens, lighters and shavers are very different products, but still Bic succeeded in creating a relevance between its product lines. The company first developed its brand reputation by making inexpensive ballpoint pens out of plastic. After establishing itself in the market, it dived into new segments, disposable lighters, shavers and stationery in general. Creating a seamless expansion was only possible because Bic identified itself as a “disposable plastic manufacturer” rather than a “pen business”. It is only with this mindset that the company was able to revolutionize the market with eco-friendly disposables.
It is this mindset that allows for sustainable innovation and growth despite global competition.
So, how can you grow your business through innovation? How can you adapt to evolving global markets? How can you create new ideas, products or services that will achieve and sustain breakthrough value? We offer you two parallel approaches that will allow you to grow through innovation; our team of experts can help you develop a profit-making innovation strategy, or we can help you and your team drive by teaching you how to structurally innovate.
Through our Innovation Strategy intervention, we will provide you with a structured approach for driving innovation in the company. We will introduce you to key innovation fundamentals, and help you not only create new ideas, products and services but also connect them into an actionable plan.
So, what are we promising You?The “LEAD” objectives
Learn innovation fundamentals, locate new opportunities and revenues streams
Evaluate strategic partners and learn from adjacent industries
Achieve and sustain maximum value for your products and services
Develop 50 new actionable business concepts by defining human needs and capitalizing on market trends
Our Step-By-Step Process
To define a clear innovation strategy requires five steps, each with a set of activities and outputs associated with it.
Step 1: Set Objectives and targets in order to establish Strategic Innovation Focus that would drive the following Steps
Step 2: Generate Ideas using our Business Opportunity Map (BOM). By looking into the market, delivery, offering, production and business model we use multisources to add as many dots as you can across the BOM.
Step 3: Organize + Connect the Dots to create Business Concepts / Initiatives based on which dots are used to form the concepts.
Step 4: Prioritize & Refine to map prioritized Concepts and Initiatives
Step 5: Set the Action Plans to draw the next Steps
We offer two approaches for meeting the objectives of this intervention. You choose the convenient approach based on your organization’s capacity, strategy and overall objective:
1- We do that for you: Our team of experts drives the process of investigation and strategy creation based on the aforementioned steps referring to executive meetings on one to one basis.
2- We help you do it: this approach allows us to help you develop your innovation strategy by training, coaching, and guiding your team throughout the process in order to achieve the final desired output with sustainable know how within the organization.
Success Stories From Our ClientsSmall Car Services’ Station
A leading oil distributor in Egypt. The company owns 226 service stations across the country.
Working closely with the company managers and employees, we developed a new business concept; small car services’ stations to each for the under served communities. Apart from fuel, these stations offer a wide range of car care services including repair and wash.
How did We Do IT?
Innovety delivered a comprehensive Innovation Fundamentals Program to the company’s employees. A full-fledged innovation readiness assessment was conducted, followed by a root cause analysis. Both were followed by an extensive capacity building session
which resulted in a number of 84 business concepts to achieve growth for the company. The management team selected 3 concepts out of the 84 concepts. Selection criteria included best brand awareness, feasibility, safety, etc. Small car services’ stations was one of those 3 winning concepts.
What Our Clients Are Saying
By the end of our engagement with Innovety, our team had built business concepts around new products, services, and business models. Prioritization of these business concepts followed and Innovety did an excellent job bringing the idea fragments together and giving our people the skills to do it on their own.
Our engagement with Innovety was really excellent and very interactive and customized to our needs. Highly appreciated. Innovety put tremendous effort at the backstage, very knowledgeable about various business models. It was great that they satisfied around 8 or 9 new and different business models for us
Innovety’s innovation engagement significantly helped our sales team at RAYA IT Distribution Department define new segments they can address, generate new revenue streams and identify innovative ways to enhance our customer relationship. My team can now think methodologically about how to build new business concepts.