- Creating Impact Through Innovation
Innovation Economy
Innovation and Insights
2022-2023
THE INNOVATION ECONOMY
The world is dramatically changing. New ideas, technologies, and business models are constantly emerging. Disruptions are felt across the marketplace and businesses need to be prepared. They have entered a challenging period where fierce competition is threatening their positioning on the global stage.
The result? Businesses are now searching for ways to adapt to these challenges. Not only to advance their own corporate agendas, but also people’s livelihoods across the world.
The term “Innovation Economy” is not a new one. However, it has gained a lot of traction in recent years. It is based on the idea that economic growth is the end-product of knowledge and technology where the focus should be on having the capacity to create more effective products and business models.
In essence, economic prosperity was previously related to developing and distributing valuable commodities. This economic thought is becoming more and more irrelevant in today’s modern era. We are now living in a period where connectivity and collaboration are key.
More and more customers are searching for ways to rethink how their business can fully embrace the Innovation Economy. They are changing from relationship-based decision making to data-driven ones. They are restructuring their business to involve the entire organization in furnishing new opportunities. They have become more reliant on acquiring or partnering with disruptive innovation when they first arise rather than wait..
RETHINKING HOW BUSINESS IS CONDUCTED
Transitioning towards embracing innovation economics requires a new way of thinking. Rather than focusing solely on ‘products’ or ‘services’ that are created, companies need to realize the potential of new ‘ideas’ and ‘innovations’ that have the ability to carry a lot of disruptive power.
As a business in the Innovation Economy, your focus should be on restructuring the decision-making process involved in innovation. There should be an open environment of discussion and involvement across the whole organization to foster exciting new opportunities.
Having employees at all levels engage in the future direction of the company will promote motivation and innovation that your organization can be confident to stand behind.
By implementing an accessible data-driven workflow to find new opportunities, will make it much easier to navigate and organize the plethora of ideas and innovations that are waiting to be captured.
