Innovation at its core is about solving problems, and there are as many ways to innovate as there are problems to solve – there is no ‘one true path’. At the same time, innovation doesn’t have to land in the headline to have impact. Everyday innovation can be critical to long-term business success, says Scott D. Anthony, Managing Partner, Innosight. Since the 1990s however, most companies have been outsourcing their innovation to consulting firms.
Acc. to an article in the Harvard Business Review by Beth Altringer of Harvard University’s John A. Paulson School of Engineering and Applied Sciences, companies pay upward from $300,000 to $1M to innovation consulting firms to conduct market analysis, identify new opportunities, generate ideas, and develop these ideas into working prototypes.
Undoubtedly, not all innovations from these collaborations achieve equivalent fame. This can make clients who are paying high fees to these consulting firms, nervous. And this is opening the door to new approaches that emphasise a deeply pragmatic approach to innovation, including collaborations between entrepreneurs and the ecosystem.
We explore this further in this podcast.
Chief Innovation Officer, Capgemini
Chief Technology & Innovation Officer, Capgemini Europe