Innovation is a powerful driver to create stakeholder value. MPT Innovation Group has been delivering growth, strategy, innovation and entrepreneurship advisory services and programs for clients across business, government and research sectors since 2000.
Developing a growth strategy is about creating an integrated set of choices that positions a company or organisation in an industry, and to generate superior financial returns to the company over the long run. Many strategies and initiatives are incremental, refining a company’s existing ‘peak’ market position.
We work with our clients to increase the likelihood of creating larger, systemic strategies, and help them find their new ‘peak’ position in the market. We do this by helping them to develop effective competitive growth strategies across external environments, internal choices and ultimately develop and implement a competitive advantage strategy that calls on the company to do today, what is necessary, to succeed tomorrow. Innovation indicators to measure include success in new product or service offerings, business models, markets and territories, and traction through early customer validation and adoption.
Creating customer value is recognised as a key source of a company’s competitive advantage. At MPT Innovation Group, we consider customer value also in terms of customer benefit. We work with our clients to define how they create and deliver value to their customers. We then help them to ensure the customer proposition is relevant, and attractive to the ultimate end user customer, and that the customer experience is consistently positive. All of which improves the customer’s willingness to pay for this new value created.
Managing the Uncertainty
We work closely with executives or board member sponsors of a new growth strategy or an innovation program. And ensure you can harness the best from your strategy and innovation teams by managing the uncertainties and complexities through an advisory that works closely with clients to develop and implement an improved competitive advantage strategy, through an innovation-led business performance culture.
Innovation is the management of the process from ‘cradle to grave’. In other words, it goes from observing an unmet need, to coming up with an idea, developing prototypes and proving your theories. And these prototypes, or minimum viable product (MVP) are tested through early adopters, prior to going to market. These programs lead to shifts in business offerings including design and development of new products, services and business models. As a result, shifts in processes, marketing, and refinement of the operating models also occur.
The leaders and innovation teams must be capable of turning these ideas into value through business strategy, productor services. It requires courage, commitment and a willingness of today’s leaders to develop and manage high-performing innovation programs.
An organisation’s ability to innovate requires a team whose members have the knowledge and competencies to develop up, and exploit, the potential of new ideas. And then execute on these ideas through an innovation work program that includes ideation, design, product and service development, new go-to-market strategies, and attracting growth capital. These steps are necessary to successfully exploit the potential of these ideas, and to improve business performance. And it takes a talented innovation team to repeatedly execute and deliver on those strategy ideas, in order to design and development of new innovative product and services, improve business performance, and create stakeholder value.
Steps to Improve your Innovation Program
1. It starts with a creative process that needs some overall statement of an unmet need.
2. Unpack the problem you are trying to solve.
3. Park that detailed predetermined vision.
4. Don’t try to launch innovation through a single company-wide grand program.
5. Start in a small way around ‘ripe issues’ that have large consequences.
6. Uncover the hot spots of the wider issue you are trying to solve, and which hold energy for change.
7. Work step by step. Use trials and proof of principle, and adjust as you go.
8. When you lead change through urgency, you give up any notion of a fixed medium-to-long-term plan.
9. Build skills in changing the here-and-now moment. You can only change the present, not the past, or the future.
10. Use informal networks and volunteers.
11. Create community and ask for advocacy through common interest groups.
12. Cultivate connectivity, diversity and rapid feedback loops.
“Organisations that invest in leadership capabilities and creating strategies, shared vision and a strong culture of design, and product or service development are best placed to create high-performing innovation programs.” Gary Morgan, MPT Innovation Group
If you would like to discuss your organisation’s innovation program or preparedness, then please complete and send the registration of interest: