From co-creation and cultivation of a social community for ideas, to empowering an entire business to work on new product development, brands need to open up if they want to stay ahead of the innovation curve.
Finding the next big idea to propel your company, not just into next year but into the next five, can feel like gold dust. Brands need to stay ahead of the chasing pack while taking the product and customer experience up a level, and evolving to compete with disruptors in the market. No easy task.
In order to stay ahead brands are scoping out different methods to source their next innovation. Last year, PepsiCo introduced The Hive, a small entrepreneurial group operating outside the core headquarters, tasked with developing “new age brands”. Meanwhile, Procter & Gamble (P&G) has shifted to a startup-style approach.
Achieving innovation is more of a cultural shift than an organisational one, which means creating a culture that embraces new ideas and challenges, says Andrew Lippman, associate director at MIT Media Lab and co-director of MIT’s communications futures programme. He suggests thinking about innovation like a fridge.
“You don’t want an empty refrigerator, you want a fridge that has some ideas in it so when you want dinner you can open it and find what you need,” he explains.
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