By leveraging the Alchemy of Growth‘s Three Horizons Model, companies of any size can begin driving innovation throughout their organisation.
When we think of innovation, it is tough not to think of hybrid cars, iPads, and the Internet. As a result, most companies aspire to innovate in a similar revolutionary manner, but they do so at their own peril. The fact is that innovation is more evolutionary than revolutionary, and the more you are able to integrate this mindset into your business, the more innovative your firm will become.
In 1999, Merhdad Baghai, Stephen Coley, and David White introduced the Three Horizons Model to innovation in The Alchemy of Growth, which provides a simple yet insightful view on innovation. Subsequently, Google adopted this model as one of its key principles to driving innovation in its organisation.
The good news: You can follow Google’s blueprint. Approach innovation within these three horizons and you will discover not only that your firm may be more innovative than you think, but also that you can better allocate your resources to drive future growth.
Horizon One: Existing Markets, Existing Technologies
This might surprise some, but Google spends 70 percent of its time and resources innovating in this category, and with good reason. Innovations in markets you currently serve and in technologies you currently use are key to defending your competitive position. These innovations help you stay competitive and improve operational efficiency.
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