10th September 2008
FITCH presents "Innovation Black & White?" at IDSA National Conference, September 12, 2008.
Innovation is often shown in black and white contrasts: do you innovate or not? And when? In fact, innovation is not so black and white, but more gray, as companies define innovation very differently and justify it very well within their own brand and company strategies and business models. Target, Nike, Herman Miller, Apple and others define innovation very differently, from styling to functional enhancements to user experience. While each approach holds a justifiable value equation, many companies find themselves torn between the aspirational aspects of innovation and the risk they think the market will accept. There are several different types of innovation strategies, the most appropriate of which is determined only after a company aligns itself with other critical hard and soft market factors. In this presentation, we will explore ways to address and avoid tension during the innovation process.