12 Apr Open Innovation, structured innovation and big challenges
Here is an interesting article written by Scott Anthony, managing partner of Innosight. He explains that large companies are better positioned to innovate now more than ever because of the innovation revolution driven by venture capitalists from decades ago.
Anthony considers that there are three trends related to the change towards more constant and structured innovation. He refers to a “shift from shackling innovation to unleashing it”.
One of the trends is that large companies are embracing Open Innovation and supporting intrapreneurs and entrepreneurial behaviors. Another is that start-ups and large companies now have the same short-term pressures for innovation. And last one is that innovation increasingly means creating business models that leverage the strengths of the organization.
This context pushes corporate catalysts, as Anthony says, to look for innovative solutions to bigger challenges.
In the article by Anthony there is a nice example. The case of Medtronic and Healthy Heart for All:
The Healthy Heart program seeks to bring pacemaker technology to Indians. The company got inspiration for pioneering Indian health care models, such as an affordable cataract care systems, to developing new ways to serve low-income patients. In addition, Medtronic worked with a local partner to create India’s first financing plan for medical devices, which was a huge challenge since there were a lot of heart disease patients without diagnostics or medical care.