How To Turn Up The Innovation Dial Without Breaking The Bank

There is huge pressure on organisational structures, skills, cultures, traditional IT systems and supply chains because of the speed of change we are in the midst of today.


It’s a change so rapid that these aspects of business were simply never designed to cope with and it’s pushing a need for innovation that’s just as rapid. But what is required to spur innovation? Most will likely say some form of research and development, but this has always been a major undertaking, both from a cost and time perspective.


As John Cronin, a former top inventor at IBM, says, “It’s time to innovate how we innovate.”


The way forward for companies to embrace innovation without the significant R&D investment, is by leveraging the power of online innovation tools. 


"Many companies now have the option of using inexpensive yet surprisingly-robust internet and crowdsourced invention tools to create high-value patented products and services. It's not suitable for every enterprise or industry, but what I call 'virtualised innovation' can enable companies to respond much more rapidly and cost-effectively to declining product life cycles, accelerating technological change, and intensifying competition."


What’s possible with Virtualised Innovation;

  • Market research
  • Product testing
  • Access to technical expertise of all types
  • Advanced patent searching
  • Market sizing and valuation tools
  • Customer surveys
  • Data analysis
  • Online focus group marketing

Approaching innovation in this way is especially beneficial for smaller players as it gives you access to an R&D department without the cost of setting up your own one in-house.


Forge CTA


Continue reading


3 Ways LEGO Built a Culture of Innovation to Become a Global Powerhouse

In 2004, LEGO posted a $292 million loss and was facing bankruptcy. Now, it's one of the biggest brands in the world. How did it turn things around?

Read now

The Changing Role of Today's CFO

The modern CFO must now leverage their understanding and use of technology to help drive business strategy. They need to be business-focussed technologists.

Read now

NASA's Critical Steps for Managing Risk - How to Apply Them to Business

NASA Astronaut Mike Mullane shares how His experiences in high-pressure situations have given him a unique perspective on being agile while managing risk.

Read now

Access the program now

Please complete this form if you're ready to take part in the complimentary program of on demand talks, interactive workshops and LIVE ideation hackathon - as well as access useful Digital Transformation frameworks, methodologies and resources.