3 Approaches to Global Innovation (PowerPoint PPTX)

DESCRIPTION

The current ever-changing and increasingly connected world demands taking an amplified approach to Innovation.

The conventional method of Innovating locally and distributing the product or service globally is now being questioned more and more. Effortless availability of unparalleled knowledge, essential to Innovate, is one key factor in bringing the traditional approach into question.

New approaches are now necessitated in order to take full advantage of the vast array of knowledge easily available across the globe. There are 3 approaches that are preferred more than others:

1. Staying Approach
2. Visiting Approach
3. Inviting Approach

Even though these approaches attempt to address the subject in non-identical ways, the final purpose continues to be no different—i.e. infusing a global Innovation Culture.

The slide deck also includes some slide templates for you to use in your own business presentations.

This PPT delves into the intricacies of Global Innovation, emphasizing the need for a balanced approach between Knowledge Complexity and Global Dispersion. The Staying Approach focuses on total immersion in the local environment to cultivate high-quality networks and relationships. However, it acknowledges that some companies may not gain the desired traction despite prolonged presence in a location. Local partnerships are highlighted as essential for further networking, regardless of the company's length of presence.

The Visiting Approach advocates for maintaining a distance to avoid the decline in innovative thinking. This method leverages the Knowledge-Information Broker to gather insights from multiple sources, combining local and global perspectives. The theory of Strength of Weak Ties is applied to facilitate the transfer of knowledge and innovation. This approach is particularly effective in scenarios where a diverse set of information is required to drive innovation on a global scale.

The Inviting Approach is based on the company's strength in efficiency and resources, inviting experts to the organization instead of sending teams abroad. This method is not limited to large corporations, but is also applicable to businesses in developing countries. The Attention Based View is used to ensure constant growth in capabilities, leveraging eye-catching messages to attract global talent. This approach is often employed by Second Mover companies aiming to catch up with industry leaders.

Got a question about the product? Email us at flevypro@flevy.com. If you cannot view the preview above this document description, go here to view the large preview instead.

Source: Best Practices in Innovation, Globalization PowerPoint Slides: 3 Approaches to Global Innovation PowerPoint (PPTX) Presentation, LearnPPT Consulting