I’ve had a couple of interesting conversations recently focused on the strategic view of innovation using the 3 Horizons framework originally proposed by McKinsey, and the assessment of risk and return from innovation.
Recently on the blog
Recently I went to the Financial Times’ FTInnovate conference in London. The conference theme was “Big vs small: which one is better?” The conference chair freely admitted that the intention was to provoke debate, not to have a fundamentalist binary position with only one right answer. And there was a lot of good discussion and debate.
“It’s only words, and words are all I have…….” , is a line from the Bee Gees song “Words” from the 1960s that has been covered many times since. Full disclosure here – I don’t have this song in my collection, only in the recesses of my consciousness.
Open Innovation is now widely recognized as a way to enhance options for innovation by accessing external assets. However it can mean many things to many people; from running a crowdsourced idea scheme like Lego Ideas or MyStarbucksIdea, through to large co-branded initiatives like Senseo.
In the middle of this spectrum lie Open Innovation joint development projects. Put simply, these are projects where two or more companies work together to launch a product or service, usually exploited in the market place by one of the partners. But these can take many forms.
In a recent conversation, I remarked that I used to be a scientist. Thinking about it afterwards, I realised that was wrong. A more accurate description was that I used to practice as a scientist, first with basic science, then the discovery and development of science-based products. But I am still a scientist, in other words I take a scientific approach to many aspects of my work; I think like a scientist.