10 Reasons Why Market Leaders Have Difficulty Innovating
Not long ago, I asked my businessmen-friends why they think companies like Philippine Air Lines (PAL) did not create their own low cost carrier (LCC) before the entry of Cebu Pacific Air. Or even Mercury Drug before the entry of The Generics Pharmacy (now TGP). Or banks before the entry of Bayad Center catering initially to the unbanked customers. Was …
Marketing Innovation
There are many ways to create innovation – product, process and business model are the three main types. Product innovation like new Samsung phone models can help bring in revenues. Process innovation like BPI computerized branches, which require customers to encode data of their deposit and withdrawal while waiting, can help bring down cost via efficiency. Then many times when …
Auditing the 6 Anomalies in Innovation Practices
Many companies, especially multinationals, like to talk about innovation. There are even some who include innovation as part of their core values; others even have innovation managers. Innovation has two elements – novelty in the industry and commercial success. In other words, it’s about creating new value that benefits your intended market. Here are six anomalies that companies may …
Innovation Myopia
Below are eight questions related to innovation, answerable with either “true” or “false.” Go ahead and answer them to test your Innovation IQ. 1. Innovation is the modern term for invention. 2. Innovation refers to the newness of something a company has launched. 3. The higher the R&D budget, the more innovative a company is. 4. The higher the number
What’s Your Innovation Blind Spot?
There are so many little things that corporate leaders ignore. Just take a look at the following industries and you can see many blind spots. Some examples of old truths that are still unchallenged to date are: In the retail banking industry, there is no fun and enjoyable experience while inside a retail bank. For the supermarket industry, shoppers have no choice …
6 Tips to Innovation Culture by Josiah Go
Innovation is about having a new way of doing things with commercial success. It targets to satisfy, in a novel way, pain points of customers or non-customers. Many companies like to have more innovation, but are dissatisfied with their efforts. Among others, firms wanting improvement might want to look at their innovation culture. Culture is what people say or do …
9 Innovations in Money
Money is a legal tender used as payment in a transaction and serves as a medium of exchange, as well as a measure of value. While there are many forms of money, as well as different currencies, it is worthwhile to remember the concept of the product life cycle (PLC): that new products tend to make old products obsolete. One …
How Go Negosyo’s Business Model Works and Why
Go Negosyo was founded in 2005 by the Presidential Adviser For Entrepreneurship, Joey Concepcion, who is also the President and CEO of publicly-listed food company RFM Corporation. It is currently in its 15th year. A business model is the way an organization plans to create, deliver and capture value for its intended customers or constituents. For Go Negosyo, the following …
5 Tips to Innovate Your Business Model by Josiah Go
Stripe allows web developers to embed a web payment service in about five minutes, making it as easy as embedding a YouTube video. Founded by two Irish college dropouts, brothers Patrick and John Collison, who have since moved to Silicon Valley, their early investors include the founders of a competing company, PayPal, Peter Thiel and Elon Musk. Stripe is disrupting …
Mindset and Mastery: Why Most Negosyos Fail
Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or a different service.” – – Peter Drucker
Over half of businesses are doomed to fail. Just Google various statistics, or approach government agencies and you can get an idea of how difficult it is to succeed. But …
