Flevy Blog is an online business magazine covering Business Strategies, Business Theories, & Business Stories.

4 Vital Premises of Dual Innovation Management Systems

Editor's Note: Take a look at our featured best practice, Design Thinking (225-slide PowerPoint presentation). [NOTE: Our Design Thinking presentation has been trusted by an array of prestigious organizations, including industry leaders such as Apple, MIT, NASA, Ford, Boeing, Fujitsu, Syngenta, Palo Alto Networks, and Mercer, to name just a few.] Design Thinking is [read more]

Also, if you are interested in becoming an expert on Innovation Management, take a look at Flevy's Innovation Management Frameworks offering here. This is a curated collection of best practice frameworks based on the thought leadership of leading consulting firms, academics, and recognized subject matter experts. By learning and applying these concepts, you can you stay ahead of the curve. Full details here.

* * * *

Conventional Innovation Management is unable to sustain itself in the face of contemporary needs.

Dual Innovation has become a necessity for businesses to survive intense competition in today’s markets.

Dual Innovation refers to extending current Business Models in new directions, as well as creating completely novel Business Models at the same time.

Innovation Management comprises of managing the whole process of an organization’s Innovation effort.  Innovation Management process entails phases from conception through successful implementation, including making of choices, performing of actions, and exercises of contriving and executing an Innovation Strategy.

Organized and most modern Innovation Management necessitates a business to have 2 key capabilities:

  • Discovering fresh offerings.
  • Exploiting prevailing opportunities.

For such ambidexterity, organizations ought to have an Innovation Management Model that can aid them to Innovate more effectively and viably.

Viably effective Dual Innovation Management Systems in organizations are essentially contingent on following 4 vital premises—all of which can be thought of as required conditions:

  1. Balanced Portfolio Approach.
  2. Equal importance to Exploitation and Exploration.
  3. Separation of Exploitation and Exploration initiatives.
  4. Support by a proper Idea Management System.

Since effective Innovation Management also depends on added aspects, therefore these 4 are not final conditions.

Let us delve a little deeper into some of these conditions.

Balanced Portfolio Approach

Innovation Management takes an equalized portfolio approach.  The whole Innovation portfolio can be bifurcated into Exploitation-focused and Exploration-focused Innovation ventures.

Exploitation-focused ventures pertain to operating core business by implementing and improving current Business Models or technological competences.

Exploration-focused ventures pertain to evolving prospective business by probing for new, and frequently disruptive, Business Models or technological competences.

Equal Importance to Exploitation and Exploration

Leading executives have to be completely on-board in assigning same level of importance to Exploitation and Exploration ventures as both are essential for a company to prosper tenably. 

Full commitment of the top executives, particularly the CEO, is absolutely essential for Exploration ventures to succeed.

Complete understanding among executive management prior to committing efforts and resources into genuinely Explorative undertakings is vital for the success of Innovation endeavors.

On-boarding of top executives specifically infers getting enduring support and sufficient resources for Exploration initiatives.

Allocating the right share of resources among Exploitation and Exploration is contingent on the Business Strategy and situation of an enterprise, among other conditions.  This should be the responsibility of the CEO.

Separation of Exploitation and Exploration Initiatives

Exploitation-focused and Exploration-focused ventures are set apart on the basis of organizational anchoring, governance, and funding perspectives. 

Exploitation-focused ventures are tied to the operational business units.

Exploitation-focused ventures have to do with core Transformation, i.e., profoundly reshaping the way current business is carried out.

Innovation Governance is undertaken by Decision-making leaders of a business unit, while a dedicated Innovation Board acts as an accompanying setup.

Exploration-focused Innovation ventures are carried out by a devoted exploration unit.  It is led by a “chief explorer” answering directly to the CEO.

Exploration-focused ventures have to do with Strategic Transformation, i.e., altering the way business is done.

Interested in learning more about Dual Innovation Management?  You can download an editable PowerPoint on Dual Innovation Management here on the Flevy documents marketplace.

Do You Find Value in This Framework?

You can download in-depth presentations on this and hundreds of similar business frameworks from the FlevyPro LibraryFlevyPro is trusted and utilized by 1000s of management consultants and corporate executives.  Here’s what some have to say:

“My FlevyPro subscription provides me with the most popular frameworks and decks in demand in today’s market.  They not only augment my existing consulting and coaching offerings and delivery, but also keep me abreast of the latest trends, inspire new products and service offerings for my practice, and educate me in a fraction of the time and money of other solutions.  I strongly recommend FlevyPro to any consultant serious about success.”

– Bill Branson, Founder at Strategic Business Architects

“As a niche strategic consulting firm, Flevy and FlevyPro frameworks and documents are an on-going reference to help us structure our findings and recommendations to our clients as well as improve their clarity, strength, and visual power.  For us, it is an invaluable resource to increase our impact and value.”

– David Coloma, Consulting Area Manager at Cynertia Consulting

“FlevyPro has been a brilliant resource for me, as an independent growth consultant, to access a vast knowledge bank of presentations to support my work with clients.  In terms of RoI, the value I received from the very first presentation I downloaded paid for my subscription many times over!  The quality of the decks available allows me to punch way above my weight – it’s like having the resources of a Big 4 consultancy at your fingertips at a microscopic fraction of the overhead.”

– Roderick Cameron, Founding Partner at SGFE Ltd

159-slide PowerPoint presentation
This presentation is a compilation of PowerPoint diagrams and templates used to convey 36 different innovation management frameworks, models and methods. (Please note that the materials are meant to be used to supplement your own business or classroom presentations. These slides may not be [read more]

Want to Achieve Excellence in Innovation Management?

Gain the knowledge and develop the expertise to become an expert in Innovation Management. Our frameworks are based on the thought leadership of leading consulting firms, academics, and recognized subject matter experts. Click here for full details.

To be competitive and sustain growth, we need to constantly develop new products, services, processes, technologies, and business models. In other words, we need to constantly innovate.

Ironically, the more we grow, the harder it becomes to innovate. Large organizations tend to be far better executors than they are innovators. To effectively manage the Innovation process, we need to master both the art and science of Innovation. Only then can we leverage Innovation as a Competitive Advantage, instead of viewing Innovation as a potential disruptive threat.

Learn about our Innovation Management Best Practice Frameworks here.

Readers of This Article Are Interested in These Resources

23-slide PowerPoint presentation
Product Innovation has become everyone's responsibility. But, when everybody owns innovation, nobody owns innovation. Strategically, Product Innovation now calls for Innovation Management to minimize duplication and confusion. Innovation Management provides clarity and delineation on [read more]

22-slide PowerPoint presentation
33-slide PowerPoint presentation

About Mark Bridges

Mark Bridges is a Senior Director of Strategy at Flevy. Flevy is your go-to resource for best practices in business management, covering management topics from Strategic Planning to Operational Excellence to Digital Transformation (view full list here). Learn how the Fortune 100 and global consulting firms do it. Improve the growth and efficiency of your organization by leveraging Flevy's library of best practice methodologies and templates. Prior to Flevy, Mark worked as an Associate at McKinsey & Co. and holds an MBA from the Booth School of Business at the University of Chicago. You can connect with Mark on LinkedIn here.

, , , , , ,

Complimentary Business Training Guides

Many companies develop robust strategies, but struggle with operationalizing their strategies into implementable steps. This presentation from flevy introduces 12 powerful business frameworks spanning both Strategy Development and Strategy Execution. [Learn more]

  This 48-page whitepaper, authored by consultancy Envisioning, provides the frameworks, tools, and insights needed to manage serious Change—under the backdrop of the business lifecycle. These lifecycle stages are each marked by distinct attributes, challenges, and behaviors. [Learn more]

We've developed a very comprehensive collection of Strategy & Transformation PowerPoint templates for you to use in your own business presentations, spanning topics from Growth Strategy to Brand Development to Innovation to Customer Experience to Strategic Management. [Learn more]

  We have compiled a collection of 10 Lean Six Sigma templates (Excel) and Operational Excellence guides (PowerPoint) by a multitude of LSS experts. These tools cover topics including 8 Disciplines (8D), 5 Why's, 7 Wastes, Value Stream Mapping (VSM), and DMAIC. [Learn more]
Recent Articles by Corporate Function






The Flevy Business Blog (https://flevy.com/blog) is a leading source of information on business strategies, business theories, and business stories. Most of our articles are authored by management consultants and industry executives with over 20 years of experience.

Flevy (https://flevy.com) is the marketplace for business best practices, such as management frameworks, presentation templates, and financial models. Our best practice documents are of the same caliber as those produced by top-tier consulting firms (like McKinsey, Bain, Accenture, BCG, and Deloitte) and used by Fortune 100 organizations. Learn more about Flevy here.

Connect with Flevy:


About Flevy.com   /   Terms   /   Privacy Policy
© . Flevy LLC. All Rights Reserved.