From Bankruptcy to Industry Leading Success – The LEGO Story

LEGO has earned the right to celebrate. Not only are kids playing with more mini LEGO people than there are human beings on the planet (Delingpole J, 2009) but in 2015, they were nominated by Forbes as the most powerful brand in the world. For a company which was on the brink of bankruptcy in 2004, the toy maker has made an amazing turnaround. They restructured, hired a new CEO, and forged more licensing partnerships than ever before. Most importantly, they discovered the secret to some of the world’s most successful, low risk innovation strategies.

These strategies helped LEGO create a powerful brand envied by every other company in the world. However, successes like these are not, and need not be, restricted to global companies with billions in revenue. The point of low risk innovation tools is that one can use them to test ideas in any setting and with any budget. Whether you are a cash strapped startup or a Forbes 500 firm, sustainable innovation can be your ticket to success.

Out of LEGO’s lessons and that of hundreds of other companies, I have distilled the most successful techniques to innovate cheaply and effectively. They are all contained in the book Innovation Tools and, as an additional bonus, the readers of the Innovation Management community can get it for free this week. Among others, my book answers questions regarding how strategies used by companies like LEGO are able to turn companies around from looming bankruptcy to industry leading success.

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4 Ways Your Travel Brand Can Innovate with the Help of the Crowd

When you’re thinking about innovation in the field of travel and transportation, more horsepower, hydraulics, and fuel efficiency might come to mind. But with the pace of change increasing rapidly, it’s difficult to imagine how government organizations and private companies will be able to absorb some of the most exponential and impactful changes that are sure to come in the next decade.

Just think: if the city of New York makes over $500 Million from parking tickets, what happens in an era of driverless cars where it’s impossible to violate a parking restriction? How will the city and its citizens shift to accommodate this new trend? The good news is that NYPD and its citizens are working together to look ahead to develop new systems that help everyone live in an unpredictable new future. And I think this attitude of looking to the crowd for new ideas is one that is going to continue.

But it’s hard to know what you need to focus on first. At IdeaScale we’ve identified four areas in transportation that require innovation in order to stay competitive and maintain sustainability.

• Customer Service: This area seems obvious, but in many industries it is one that is commonly overlooked.

Read more about 4 Ways Your Travel Brand Can Innovate with the Help of the Crowd at Innovation Management.

How Innovation Develops Among Individuals in Niche Social Networks

In the current digital arena, social networks have touched the lives of almost every human being on earth, allowing us to share life's novelties with friends and loved ones. However, social networks are not restricted to sharing and commenting on pictures, but giving rise to innovation among individuals to help make our world a better place.

Social networks in the form of crowdfunding sites allow individuals to give wings to their innovative ideas for a new startup. Many online communities have also been set up to find innovative solutions for existing challenges such as: global warming, energy consumption, agriculture, space science, etc.

What kind of social networks are driving innovation?

• Online project management tools from tech ventures such as FindNerd provide an android developer forumwhere tech people ideate and resolve queries as quickly as possible
• Someone with a brilliant, innovative idea for a new mobile or web app can learn app development through social networks

Here is not the End.To Read Full article about How Innovation Develops Among Individuals in Niche Social Networks visit Innovation Management.

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5 Ways to Create a Successful Innovation Program

You’ve heard it a thousand times: companies need to innovate in order to survive. The Googles and the Apples of the world are doing it- Google famously used to require employees to dedicate 20% of their time to innovation. But what exactly does it take to create a sustainable innovation program, especially if you are in an industry that is traditionally risk averse?

As the global workforce is inundated with young, tech-savvy professionals, corporations must embrace the reality that, whether they like it or not, the world has gone social. People are leveraging crowdsourcing for personal forms of communication and entertainment, and crowdsourcing has found a place in the enterprise too.

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An Innovation Portal…I Can Do That Myself

Innovation portals have taken an important place in the open innovation landscape. Expectations are great in portal performance but often, for purely budgetary reasons, these portals are launched and managed internally by corporates themselves, to discover that they generate a number of community management issues that they are not used to coping with. Prior to launching a corporate portal it is a good idea to ask a few specific questions on whether to do this internally or through experienced third party innovation providers.

Open innovation is entering into a new phase. The way corporates are viewing open innovation has shifted radically and today there is a tendency for companies to ask themselves “why should I hire a third party service provider to do open innovation when I can do this myself?”

“Anyone can build furniture as long as they buy it from Ikea but that does not make them a cabinet-maker.”

The apparent simplicity of setting up an innovation portal is perhaps at the heart of the do-it-yourself portal mythology as it is so easy to download WordPress, code a few pages and then “build it and they will come”

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