It may come as no surprise that one of many challenges with innovation in large organizations is in successful execution. There’s often no shortage of ideas, but the optimal alignment of organizational funding, processes and structures necessary for translating these ideas into a steady pipeline of new products or services is often a significant management challenge.
One of the well-known barriers to successful and continuous innovation over time is the innovator’s dilemma. Basically, “successful companies can put too much emphasis on customers' current needs, and fail to adopt new technology or business models that will meet customers' unstated or future needs.”
The answer to address this challenge has, for many years now, been to utilize, or create, a unique part of the business solely dedicated to innovation around customer’s future needs. There’s many choices for where this group can reside within the business and how near or far it can be placed to the existing organizations managing the company’s current products or services.
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