Creator: Arthur D Little is the world’s first management consultancy.
Purpose: To predict how innovation will change over the next decade in order for corporations to survive.
Five key innovation concepts for companies to focus on:
1. Customer-based innovation – engaging with customers in more meaningful ways.
2. Proactive business model innovation – creating new ways of building innovative business models.
3. Frugal innovation – originating new innovations in lower income, emerging markets and adapting these to more developed markets.
4. High speed/low risk innovation – getting products and services to market quickly and without flaws.
5. Integrated innovation – taking traditional innovation approaches from New Product Development and applying them across the value chain.