Reading List: HBR – The New Patterns of Innovation

By | July 6, 2014

I just read a reprint of the Harvard Business Review article “The New Patterns of Innovation” Jan-Feb 2014 (Sorry, I don’t have a link).

They make note of the difficulties existing businesses face in generating new business models with the traditional methods:

  • Competency based – entering new markets with core competencies or assets
  • Customer focused – studying customers to determine unstated unmet needs
  • Environment focused – what opportunities might develop from trends.

Due to three factors…

  • Explosion in digital data
  • Better tools for data
  • Business in the cloud.

…they see five new patterns of innovation:

  1. Augmenting products to generate data
  2. Digitizing assets
  3. Combining data within and across industries
  4. Trading data
  5. Codifying a distinctive service capability.

And, of course, combining the patterns.

They identify 4 success factors:

  • Strong technology presence
  • Inputs from external parties
  • Motivated leadership
  • Emotional commitment.

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