Thriving companies innovate over and over and over and over… In a rapidly changing world, the ability to innovate is an absolute must.  Companies need an innovation strategy that is aligned with their overall business goals.  They need an innovation management system that allows leaders to make good decisions about where to place “future bets”.  And companies may need new innovation capabilities to solve complex problems.

The new iPhone.  The new Lexus sedan. The latest Nike shoes. What do all of these products have in common?  These companies understand their customers; in some cases better than we know ourselves.  A company that thrives must continually uncover deep insights into how their customers think, act, and feel about the world around them, and then design products that solve their biggest problems.

Can you make money year-after-year in the same markets with same customers? Yes.  But what if one day you can’t?  A thriving business is always looking for new customers and opportunities for growth.  But unplanned growth can be a scary and risky thing. A business that thrives has a grounded way to evaluate new opportunities, and makes sure that it is spending its limited resources on the best fit opportunities that have the biggest potential for growth.

The global market is increasingly competitive.  New features of old products are no longer enough to compete against low-cost providers from other countries.  One way to separate from the pack in your space is to focus on the complete experience of the customer.  Ever wonder what it is like to do business with your company?  How do your customers experience your products? Your service?  Even the packaging in which they receive your product?  Thriving companies are zealots about their customer’s experience.

90% of an iceberg is below the water.  The innovation potential of a company is also “below the water”.  A thriving company knows how to activate talent in its people so that the full innovation potential is realized.  This requires a laser-focused vision and purpose with leaders that are zealous for both.  Then employees can align their development and growth toward the same goals.  Finally, leadership must work to sustain a culture that values new ideas and experiments, that form the basis of learning and growth.