“A business model geared for innovation”

March 21, 2011 at 6:53 pm Leave a comment

Already know that your sweet spot involves starting up a business? Then definitely check out Dean Crutchfield’s article “Method: The 6 Keys to Creating an Innovative Organization” which outlines “a six-step process that can guide organizations to conquer the challenge of building a business model geared for innovation and business transformation.

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The article is full of inspirational messages and practical guidance, resulting in gems like these:

“Consequently, it is essential to become the ruthless enemy of ambiguity and ask entirely different sets of questions about the business: how will you innovate and evolve the brand? An excellent framework for analysis can be found in Michael Porter’s five forces: the degree of rivalry in the category, threat of new entrants, the chance of substitution, buyer power, and supplier power. In basic terms, the framework requires that an organization evaluate their strategic position relative to the forces. By understanding influences such as competitive threat and supplier bargaining power, a business can generate an edge in the category.

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March 21’s daily design idea is another quote from Crutchfield: “The secret of business innovation is to think big, act small, fail fast and learn rapidly.” For more insight into this innovative, action-filled approach to business, be sure to look into effectual reasoning and action.

all illustrations via Fast Company’s Co. Design

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