Despite the fact that the current conditions are certainly very difficult and that most of us are still in survival mode trying to digest the impact that the pandemic is having on our economies, businesses cannot forget that they must also seek out ways to take advantage of the opportunities that arise in this new context. To achieve this, senior managers need a conceptual framework to refer to, which will help them to identify and create a series of possible initiatives or innovaton projects -on which to set their growth into the future- as well as choose the best from amongst them in terms of their expected likelihood for success (which will vary on the basis of whether it is an incremental improvement made on top of the current value proposition, an evolutive change or a more radical one) and then choose a manner to support its implementation which is best befitting, so as to manage to achiever, thus, the strategic objectives aimed at (internal/organic development by way of R&D, hybrid via collaborative/open and/or inorganic innovation through fusion or acquisition, strategic alliance, direct investment in capital and/or incubation/acceleration of startups).
Once the first stage of evaluation of the harm that the coronavirus outbreak has caused us is overcome (which will vary enormously depending on the industry in which we’re operating), and once we’ve implemented a plan to fix the broken pipes and taken measures thus to ensure our firm’s survival (strict cost control, downsizing, possible freezing of investments, etc.), the moment has arrived to dedicate, all over again, some of our attention to understanding the new economy that is arising post-pandemic and to spot the growth opportunities which come hand-in-hand with it. The questions which need to be answered are: How can I grow in this new economic scenario and get ahead of my competitors? How can I spot which opportunities are the most auspicious ones so as to reactivate growth and which initiatives can satisfy these identified opportunities? In what way (vehicles) can we bring them about?
Questions to which the model presented next aims to respond and which serves to be able to decide how much innovation we want, really, and what type.
An exercise in stages…
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