John Hagel, Co-Chairman of Deloitte’s Center for the Edge, discusses with Ecosystems’ CEO, Chad Quinn, the artificial boundaries we place on innovation and how they are holding us back.
- The Problem: Despite the fact that no item earns a spot on a senior executive’s agenda without leveraging innovation, we still tend to think of that powerful process as a part of product development alone. However, the reality lies in that we can and should be constantly innovating to adapt to whatever changes or challenges the current moment may bring.
- How We Got Here: Rather than innovate across their organization, industry leaders of the past achieved their financial success in the following two ways: They chose to maximize efficiency everywhere but in product development, where over-efficiency is counterproductive, therefore maximizing their profit margins. To protect these high profits, they also chose to minimize risk, a potentially costly factor inherent to the innovation process. This model was remarkably effective 50 to 100 years ago, but operating in a world changing as fast as ours demands we rethink how we scale.
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