Is it better to use internal innovation resources?
Organic (internal) Innovation
Organic Innovation, based on the use of internal resources, is one of three elements of an organizations innovation mix. As with any type of innovation, there are pros (control) and cons (risk). To properly manage internal innovation programs, an organization needs to properly manage the innovation portfolio.
Innovation Portfolio
The innovation portfolio consists of:
- Areas of innovation
- Innovation Funnel
Before any organization starts down the path of organic innovation, an honest assesment needs to be made of:
- Innovation contribution
- Customers needs and wants
- Innovation Timing
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