From the course: Design Thinking: Venture Design
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Aligning innovation to growth strategy
From the course: Design Thinking: Venture Design
Aligning innovation to growth strategy
- [Instructor] For a business to thrive in today's world of intensified competition, we need to succeed on two fronts. On the one hand, we need to continually grow and optimize our current business, building within its core. Activities here might include, taking current products into new markets, adding new models to refresh existing product lines, or improving margins on best sellers. This work attends to the current needs of the company and its present and near-term performance. We're in a largely defensive stance and can think of this as playing not to lose. But, if we're attending to the present and near-term of the business, what about its future? This is where we need to develop entirely new avenues for growth that are well outside of the current business, building beyond its core. So, activities here might include, launching products or services that are unprecedented in our company or perhaps even unprecedented in the market. Alternatively, this might entail reaching a new…
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