Read Now Adjacent Innovation Methods: Lessons learnt from market leaders MOBI
Companies that find their products and services have reached a steady state and are showing signs of end of life can use the Adjacent Innovation Matrix described in this book to identify adjacent innovations that can help them continue to enjoy healthy revenues and profits. A number of individuals have bright and innovative ideas. The explorers amongst them proceed to develop proof of concept prototypes. The entrepreneurs amongst them decide to start a company for marketing products and services based on their ideas. Some of them fail because of external factors and others fail because of their inability to execute a scaling up strategy for their initial business idea. Those who successfully scaled their ideas into successful products soon find copycats in the market snapping at their heels. This often results in a cost cutting exercise that results in reduced profit margins. And the founder CEOs are often left scratching their heads on how to manage the competition and keep their businesses as sustainable entities. This book describes the relentless pursuit of adjacent innovations by three companies who kept their customers in focus at all times. The study lists the innovations and the type of corporate strategy used to create each of the innovations. The study reveals distinct differences in the innovation strategy of the three companies. While two of them were mostly creating innovations organically, the third company was very aggressive in using mergers and acquisitions as a means of implementing a corporate strategy. The lessons drawn from the continued success of these three companies in maintaining market leadership are translated into a framework that is named Adjacent Innovation Matrix (A.I.M.).
