Australian companies have not been innovating enough. We know this from global surveys and benchmarking. In addition to that, when companies do work on innovation the bulk of the time and money tends to be spent on company, product or customer oriented innovation. Little time has been spent working on innovating the markets they supply by innovating prevailing business models in those markets. The result is Australian ASX 200 longevity has fallen from 36 years to 15 years between 1975 and 2015.
Some of the world’s biggest and most powerful companies have made an artform of market innovation. Amazon, Netflix and Apple in particular. Companies think they need to be coming up with new products or new technologies whereas what they need to be doing is leveraging the inventions of others to facilitate business model innovation.
Extract: The Fourth Type Of Innovation You Really Need
About Paul Broadfoot
Paul Broadfoot develops Intrapreneurship in forward thinking organisations focused on launching new areas of growth. By helping companies to identify, develop and activate their Intrapreneurs with Business Model Innovation frameworks, Paul can help you create new markets and deliver on the promise of corporate innovation. He is the author of the book Xcelerate; Innovate Your Business Model, disrupt your market and fast-hack into the future. Paul speaks at conferences and events to get people thinking differently about ‘future business’ for their roles and their companies, inspiring them to act.