Purpose – The purpose of this paper is to introduce a model of “rapid execution innovation” designed to increase the likelihood of achieving the kind of breakthroughs that develop into successful new business models developed by the authors. Design/methodology/approach – Their recent field experience indicates that companies should scrap the comforting safety of new product planning and stage‐gate schedules. Instead, company leaders should learn to practice high‐speed innovation experimentation, from ideation to operational execution, in order to offer products and services with unique customer benefits. Findings – In their model, companies start this process by conducting experiments that promote a radical rethinking of a business opportunity and then continue experimenting as the original idea evolves into a product. Research limitations/implications – This paper draws on an ambitious research project in Finland called MIND (Managing Industry‐Changing Innovations, see www.mindspace.fi), which seeks to “make Finland the world leader in strategic business innovation.” Practical implications – This is a sample how‐to; practical experiments show whether the fundamental assumptions about radical innovation are correct. Originality/value – Although seemingly simple, such an experimental approach to business model innovation is rarely practiced even in businesses dedicated to innovation.
Strategy & Leadership – Emerald Publishing
Published: Mar 8, 2011
Keywords: Innovation; Rapid prototypes; Product development
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