There are three primary stages to innovation:
1. Perform: Improve efficiencies with known approaches
2. Expand: Broaden market segments, offerings
3. Create: Define new business model which will reshape an industry
The majority of innovation falls into Stage 1, where there are projects with inspiring names (i.e., Phoenix, Aurora), usually involving mandated, operational “cost reductions.” Conversely, innovation that is creative and empowering occurs in Stages 2 and 3, while corporate innovation dips.
In what innovation stage is your company?
