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What are the most important tools for a successful business innovation career?

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Business innovation is the process of creating, developing, and implementing new or improved products, services, processes, or business models that create value for customers, stakeholders, and society. A successful business innovation career requires a combination of skills, knowledge, and tools that enable you to identify opportunities, generate ideas, validate solutions, and execute strategies. In this article, we will explore some of the most important tools for a business innovation career and how they can help you achieve your goals.

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1 Design thinking

Design thinking is a human-centered approach to innovation that focuses on understanding the needs, wants, and challenges of the users and stakeholders involved in a problem or opportunity. Design thinking helps you to empathize with your customers, define the problem or value proposition, ideate possible solutions, prototype and test them, and iterate based on feedback. Design thinking tools include methods such as interviews, observations, personas, journey maps, brainstorming, prototyping, and testing.

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Paul Eder, PhD

I Lead You to New Insights | Strategy Consulting, Artificial Intelligence, & Data Innovation | Author of FIRESTARTERS
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Your most important tool for innovation is your mind. The brightest innovator can do more with the back of a napkin than the wrong person deploying the most advanced tools.

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2 Lean startup

Lean startup is a methodology that applies the principles of lean manufacturing to the creation and launch of new products or services. Lean startup helps you to reduce waste, uncertainty, and risk by building a minimum viable product (MVP) that delivers the core value proposition to the early adopters, measuring the customer response, and learning from the data. Lean startup tools include techniques such as customer discovery, validation, pivoting, experimentation, and metrics.

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Stephen Parkins

Systematic Innovation & International Expansion ?? Renewable Energy Investments???? I help the ambitious grow into industry leaders | 3x Founder | Former Trader
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When starting out with Lean Startup, most people (whether startup founders or corporate innovators) start by Building something. They then think about what data they can Measure. And finally they seek to Learn something insightful from these measurements. Build > Measure > Learn - right? Well, you actually have to design the loop the other way around: 1. Think about what you need to Learn (what assumption are you testing?) 2. Then find a KPI you can measure (that will prove or disprove your assumption) 3. And only then, go ahead and Build an experiment that delivers the data you need to know (and not the data you want to see). So in practice, it's more helpful to think of Lean Startup as: Learn > Measure > Build

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3 Business model canvas

Business model canvas is a visual tool that helps you to describe, design, and evaluate the key elements of your business model. Business model canvas helps you to clarify your value proposition, customer segments, channels, revenue streams, cost structure, key resources, key activities, key partnerships, and competitive advantage. Business model canvas tools include templates, worksheets, and software that help you to map out and communicate your business model.

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4 Innovation portfolio

Innovation portfolio is a strategic tool that helps you to manage and balance your innovation initiatives across different types and levels of innovation. Innovation portfolio helps you to align your innovation efforts with your business goals, allocate your resources and capabilities, diversify your risks and opportunities, and monitor your performance and progress. Innovation portfolio tools include frameworks, models, and matrices that help you to classify and prioritize your innovation projects.

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Mark Krupnik

Co-founder & CEO, Retalon Inc.
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This is an extremely powerful approach, that helps executives ensure that the initiatives are viable and the investment is worthwhile.

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5 Creativity techniques

Creativity techniques are tools that help you to enhance your creative thinking and problem-solving skills. Creativity techniques help you to generate, explore, and select ideas that are novel, useful, and feasible. Creativity techniques include methods such as SCAMPER, TRIZ, lateral thinking, mind mapping, six thinking hats, and brainstorming.

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JC Negri

VP of Growth at Intech Innovation Group
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In my experience: - Creative Problem-Solving: Business innovation often involves solving complex problems in unique ways. Familiarize yourself with creative problem-solving frameworks like Design Thinking or the Lean Startup methodology. These tools provide structured approaches to ideation, prototyping, and testing, fostering innovation by guiding you through the process of developing and refining innovative solutions.

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6 Collaboration tools

Collaboration tools are software or platforms that help you to work effectively with your team members, partners, customers, and other stakeholders. Collaboration tools help you to communicate, share information, coordinate tasks, manage projects, and co-create solutions. Collaboration tools include applications such as Slack, Trello, Google Workspace, Zoom, Miro, and Figma.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the most important tools for a successful business innovation career?

1

2

3

4

5

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1 Design thinking

2 Lean startup

3 Business model canvas

4 Innovation portfolio

5 Creativity techniques

6 Collaboration tools

7 Here’s what else to consider

Business Innovation

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What are the most important tools for a successful business innovation career?

1

2

3

4

5

6

7

1 Design thinking

2 Lean startup

3 Business model canvas

4 Innovation portfolio

5 Creativity techniques

6 Collaboration tools

7 Here’s what else to consider

Business Innovation

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