“94% of executives are unsatisfied with innovation performance”. Yet “84% see innovation as important to growth”! Whilst “54% of companies struggle to bridge the gap between innovation and business”. Worse; “very few executives know what the problem is and how to fix it”!
This is the innovation problem.
And we have forgotten the basics. Firstly that “the firm has two, and only two activities: marketing and innovation”. And that “people don’t want to buy a 1/4 inch drill; they want a 1/4 inch hole”.
We can fix the innovation problem. We just need to think differently. And that means thinking in terms of service - creating the 1/4 inch hole - rather than products - the 1/4 inch drill
The ways of thinking, actions and approaches to do this are wrapped up under the name service-dominant logic.
We can use that logic to reframe the definition of innovation in terms of helping a beneficiary make progress withe some aspect of their life; co-creating value
And it turns out that jobs-to-be-done and blue ocean theory find a natural home in this logic. As do lean and agile approaches. And it encourages circular economy thinking.
I've been a Chief Innovation Officer on the front line and experienced first hand the challenges of creating and setting up an innovation initiative in a global account. I have suffered the highs of getting 20+ innovations into an innovation pipeline; only to find getting traction and tangible results a challenge.
So I took some time out, went to the fantastic Business School at Imperial College London to study this innovation problem more. And I started getting introduced to service innovation and the service dominant logic
And now I am now exploring those thoughts more through this site
What's the best way to navigate the articles on this site? Go through the latest articles, or better still: take a journey!
I've organised the articles into journeys, such as "Innovation Essentials" and "Making Service-Dominant Logic more approachable". Flick through the journey's below, or see them collected together in one place.
"Continuous improvement is better than delayed perfection"