What does it mean to out innovate the competition? In today’s fast paced economy, sometimes it is hard to even figure out who the competition is! Our perspective is that competition today is defined as one firm’s innovation ecosystem competing against another firm’s innovation ecosystem to develop products and services that bring value to customers.
The following figure shows a generic innovation ecosystem. It is comprised of the firm’s employees, suppliers, retirees, customers and other groups the firm employs to innovate new products and services. In addition, to the firm’s existing networks, there is another “ring” that is the global innovation community. This ring is made up of groups outside the firm’s existing networks and is comprised of large and small companies, universities, laboratories and individuals around the world.
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Author:Skip Davis
