marketing or R&D? It's a trick question, of course. But it's a useful question for Fortune 100 companies to consider. Has your company made a conscious choice of how it "allocates" this leadership role?
Allocating innovation to one group over the other will yield a different business result. The approaches to innovation by marketing are dramatically different than approaches to innovation by R&D, so the outputs will be dramatically different. The question becomes: which group will outperform the other? Technical-driven innovation or marketing-driven innovation?
Finding adjacent market spaces is an attractive way to grow. Adjacent markets are not too far away from your core business in terms of channels, technology, price point, brand, etc. Adjacent means: lying near, neighboring, having a common border, touchable. Although chasing adjacencies can be distracting, it is a much easier to sell internally. Adjacencies seem more achievable than far out, ethereal white space opportunities.
Adjacent markets are even more appealing when you apply a systematic innovation method to it. Giving yourself the gift of novelty in a new market space right next to your own seems like the best of both worlds. The trick is finding the right adjacencies.