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Conventional Innovation Management is unable to sustain itself in the face of contemporary needs.<\/p>\nConventional Innovation Management is unable to sustain itself in the face of contemporary needs.<\/p>\n
Dual Innovation has become a necessity for businesses to survive intense competition in today\u2019s markets.<\/p>\n
Dual Innovation refers to extending current Business Models in new directions, as well as creating completely novel Business Models at the same time<\/a>.<\/p>\n Innovation Management comprises of managing the whole process of an organization\u2019s Innovation effort. \u00a0Innovation Management process entails phases<\/a> from conception through successful implementation, including making of choices, performing of actions, and exercises of contriving and executing an Innovation Strategy.<\/p>\n Organized and most modern Innovation Management necessitates a business to have 2 key capabilities:<\/p>\n For such ambidexterity, organizations ought to have an Innovation Management Model that can aid them to Innovate more effectively and viably.<\/p>\n Viably effective Dual Innovation Management Systems<\/a> in organizations are essentially contingent on following 4 vital premises\u2014all of which can be thought of as required conditions:<\/p>\n Since effective Innovation Management also depends on added aspects, therefore these 4 are not final conditions.<\/p>\n Let us delve a little deeper into some of these conditions.<\/p>\n Innovation Management takes an equalized portfolio approach. \u00a0The whole Innovation portfolio can be bifurcated into Exploitation-focused and Exploration-focused Innovation ventures.<\/p>\n Exploitation-focused ventures pertain to operating core business by implementing and improving current Business Models or technological competences.<\/p>\n Exploration-focused ventures pertain to evolving prospective business by probing for new, and frequently disruptive, Business Models<\/a> or technological competences.<\/p>\n 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.\u00a0<\/strong><\/p>\n Full commitment of the top executives, particularly the CEO, is absolutely essential for Exploration ventures to succeed.<\/p>\n Complete understanding among executive management prior to committing efforts and resources into genuinely Explorative undertakings is vital for the success of Innovation endeavors.<\/p>\n On-boarding of top executives specifically infers getting enduring support and sufficient resources for Exploration initiatives.<\/p>\n Allocating the right share of resources among Exploitation and Exploration is contingent on the Business Strategy and situation of an enterprise, among other conditions.\u00a0 This should be the responsibility of the CEO.<\/p>\n Exploitation-focused and Exploration-focused ventures are set apart on the basis of organizational anchoring, governance, and funding perspectives<\/a>.\u00a0<\/strong><\/p>\n Exploitation-focused ventures are tied to the operational business units.<\/p>\n Exploitation-focused ventures have to do with core Transformation, i.e., profoundly reshaping the way current business is carried out.<\/a><\/p>\n Innovation Governance is undertaken by Decision-making leaders of a business unit, while a dedicated Innovation Board acts as an accompanying setup.<\/p>\n Exploration-focused Innovation ventures are carried out by a devoted exploration unit.\u00a0 It is led by a \u201cchief explorer\u201d answering directly to the CEO.<\/p>\n Exploration-focused ventures have to do with Strategic Transformation, i.e., altering the way business is done.<\/a><\/p>\n Interested in learning more about Dual Innovation Management?\u00a0 You\u00a0can download\u00a0an editable PowerPoint on Dual Innovation Management<\/strong> here\u00a0<\/a>on the\u00a0Flevy documents marketplace<\/a>.<\/p>\n You can download in-depth presentations on this and hundreds of similar business frameworks from the\u00a0FlevyPro Library<\/a>.\u00a0 FlevyPro<\/a> is trusted and utilized by 1000s of management consultants and corporate executives.\u00a0 Here\u2019s what some have to say:<\/p>\n \u201cMy FlevyPro subscription provides me with the most popular frameworks and decks in demand in today\u2019s market.\u00a0 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.\u00a0 I strongly recommend FlevyPro to any consultant serious about success.\u201d<\/p>\n \u2013 Bill Branson, Founder at Strategic Business Architects<\/p><\/blockquote>\n \u201cAs 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.\u00a0 For us, it is an invaluable resource to increase our impact and value.\u201d<\/p>\n \u2013 David Coloma, Consulting Area Manager at Cynertia Consulting<\/p><\/blockquote>\n \u201cFlevyPro 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.\u00a0 In terms of RoI, the value I received from the very first presentation I downloaded paid for my subscription many times over!\u00a0 The quality of the decks available allows me to punch way above my weight \u2013 it\u2019s like having the resources of a Big 4 consultancy at your fingertips at a microscopic fraction of the overhead.\u201d<\/p>\n \u2013 Roderick Cameron, Founding Partner at SGFE Ltd<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":" 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\u2019s 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… 4 Vital Premises of Dual Innovation Management Systems<\/span><\/a><\/p>\n","protected":false},"author":110,"featured_media":11851,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","footnotes":""},"categories":[1,85,81],"tags":[3011,3013,3010,3012,3015,3016,3014],"class_list":["post-11843","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","category-organization","category-strategy","tag-4-vital-premises-of-dual-innovation","tag-balanced-portfolio-approach","tag-dual-innovation","tag-dual-innovation-management-systems","tag-exploitation-focused-ventures","tag-exploration-focused-ventures","tag-idea-management-system"],"_links":{"self":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts\/11843","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/users\/110"}],"replies":[{"embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/comments?post=11843"}],"version-history":[{"count":12,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts\/11843\/revisions"}],"predecessor-version":[{"id":11859,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts\/11843\/revisions\/11859"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/media\/11851"}],"wp:attachment":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/media?parent=11843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/categories?post=11843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/tags?post=11843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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<\/a><\/p>\nBalanced Portfolio Approach<\/strong><\/h2>\n
Equal Importance to Exploitation and Exploration<\/strong><\/h2>\n
Separation of Exploitation and Exploration Initiatives<\/strong><\/h2>\n
Do You Find Value in This Framework?<\/h2>\n