The shifting map of global innovation In the 2015 Global Innovation 1000 study, Strategy&, PwC's strategy consulting group, provides new insights into the ways corporate innovation spending—which totaled $680 billion last year—has been changing in recent years, and examines the implications both for the future course of global economies and for corporate performance. How and where innovation is performed matters: As Harvard Business School professor Michael Porter, author of classic texts on corporate strategy and the competitive advantage of nations, has noted, “Innovation is the central issue in economic prosperity.”
WeWork is a contemporary embodiment of the principles that drove Warhol’s Factory. WeWork bills itself as a community of creators, and has created work spaces nationwide designed to house the entrepreneurs, small business owners and artists of tomorrow, wherever they might live and work. WeWork is a business studio environment that appeals to innovators, mavericks, and artists who have left the constraints of corporate America behind and set off in pursuit of their own business missions with an eye toward building a better future.
For innovators working within the confines of large enterprises, the possibilities for transformation, especially with mobile and digital products, are endless. Lean, digital disruptors threaten their larger, more rigid corporate counterparts. Many in the C-suite view these innovations as not only a way to maintain market share with consumers, but also usher in new eras of productivity, efficiency and customer engagement.
A clever way to find new growth is to change your market category or create a new one. When you create or change your category, you’re redefining the boundaries of your market space, and that opens your eyes to new targets of opportunity. Let’s look at how to do it.
One way to do this is by zooming up from your current category. That means you dial the category definition up a bit to create a bigger market space.
Innovation is often associated with triumphant lone inventors. The likes of Thomas Edison, Louis Pasteur or Bill Gates are the central characters in this narrative. But all innovators spring out of a specific context. The environments that foster their individual and collective success are very often ‘innovation clusters’: ecosystems that stimulate and nurture the best ideas and attract the brightest talents.