“Necessity is the mother of Invention” is an old proverb that needs a structural change. Various factors can be taken into consideration to contemplate the forces that foster imagination and innovative ideas. For companies to experience exponential growth, each employee needs to delve into creative imagination. However, first, we need to understand the factors that shackle imagination and limit innovative ideas in an organization. Therefore, it is imperative to identify the Specters of Innovation.
Should companies restrict their innovation initiatives to their in-house design teams or should innovation initiatives utilise collaborative networks?
The answer is obvious. Collaborative networks are likely to produce superior results. Collaborative Networks can be built and operated in several ways. Let us call it the collaboration architecture. The collaboration architecture is built on two dimensions.
Open vs Closed and Hierarchical vs Flat
In the realm of Artificial Intelligence, there is an inextricable interaction between sentient beings and non-sentient beings. This phenomenon is termed as “automagical” by the scientific community. The Innovators expect consumers to embrace the magic associated with autonomous and intelligent machines. This is because we are rapidly moving away from the whole gamut of manual controls to the science fiction world populated by intelligent and adaptive robots. Therefore, there is a high probability that we are drifting into the world of technological singularity.
In 2011 GE initiated a radically new business model which derived revenues from ongoing improvements in existing infrastructure. The instrument for delivering these improvements was GE’s industrial internet enabled digital transformation strategy – a multibillion dollar program to add digital sensors to machines to monitor operations data and building advanced analytic capabilities to improve the productivity of installed hardware.
There is a common misconception that business ownership is equivalent to Entrepreneurship. This is conventional wisdom. For instance, a man launching a fast food restaurant is certainly holding a stake and taking a certain amount of risk. But is he creating a new consumer demand or fulfilling the unmet needs of a consumer? It is apparent that he is relying on the popularity of eating out. Therefore, there are pertinent questions to be addressed in order to evaluate whether one is an Entrepreneur. Let us name an imaginary business owner as Adam and assess whether he is an entrepreneur through the following questions :
The term “Business model” is defined distinctly by various entities and schools of thought. There are numerous underlying assumptions that have to be validated in order to arrive at a cogent definition. The rising importance of business models so far has been a logical reaction to numerous choices in the market. However, the changes in the business models should be automatic, reflexive and spontaneous.