Innovation navigators are critical in envisioning future trends and capturing potential innovation opportunities.
Nowadays, innovation has a very low success rate to fruity. The conflicts of priorities and silos will continue to hinder progress. Complexity and uncertainty are part of the new normal, without forethoughtful leaders with navigation capacities, businesses would find themselves setting radically different trajectories of innovation, they are facing the daunting tasks of navigating the business context with largely uncharted territories. It's important to identify different types of innovation trajectories that firms may follow over time:
Incremental innovation trajectory: Innovation is complex, and having enriched knowledge or versatile talent is foundational to creating more fresh ideas in today’s sophisticated digital world. It takes effective innovation management and structural efforts. This involves firms focusing on continuous, incremental improvements to existing products, services, or processes. While less flashy, it can lead to significant cumulative effects over time.
Sustaining innovation trajectory: Firms on this path focus on larger changes to their products or services to maintain or gain market leadership. This trajectory aims to differentiate products from competitors through new features or services.
Adjacent innovation trajectory: This involves firms leveraging their existing capabilities to enter new markets or appeal to new audiences, often through acquiring and integrating startup technologies. It's important to note that firms may not strictly adhere to a single trajectory. They might shift between different types of innovation trajectories based on market conditions, available resources, and strategic goals. For instance, a firm might focus on incremental innovations for a period, and then shift to a more disruptive trajectory when opportunities arise.
Radical innovation trajectory: This trajectory involves firms pursuing breakthrough technological innovations that can transform entire industries or create new markets. It's characterized by high risk but potentially high reward. This trajectory is often associated with startups or smaller companies that target overlooked market segments with more affordable, convenient, or simpler offerings. Over time, these firms may move upmarket and challenge established players.
Some organizations have the Like-saw trajectory, which describes firms that have fluctuating levels of innovation activity, creating a saw-like pattern when visualized. Other firms have a persistent trajectory which exhibits a persistent pattern of innovation, maintaining a relatively steady level of innovative activity over extended periods. Quite a few organizations demonstrate a low innovation trajectory: This refers to firms that maintain a consistently low level of innovation activity over time. Understanding these different innovation trajectories can help organizations develop more nuanced and effective innovation strategies, potentially combining multiple approaches to optimize growth and maintain competitiveness in dynamic markets.
On the navigation dimension, digital leaders have more antennae focused on the trends and what’s going on in the business and the world. Innovation navigators play a critical role in envisioning future trends and capturing potential innovation opportunities.
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