Getting The Innovation Mix Correct
Innovation Mix
The innovation mix is about managing the 3 different sources of innovation in a way to; a) improve the innovation success rate while b) reducing the innovation risk. The 3 sources of innovation for the mix are:
- Organic Innovation Organic innovation is the innovation that results from the resources (people, time, and money) from within an organization.
- Innovation from M&A Innovation from M&A comes into the organization via some form of acquisition. These can be entire companies/teams or the acquisition of IP (e.g. patent purchases)
- Co-Innovation Co-innovation is the approach where you define a joint effort (money, people, design, IP, etc) with another organization where both would benefit yet neither can do it alone. This is NOT the same as “joint R&D”.
