Innovation – what are the essentials?

The eight essentials of innovation

From McKinsey & Company –

“It’s no secret: innovation is difficult for well-established companies. By and large, they are better executors than innovators, and most succeed less through game-changing creativity than by optimizing their existing businesses.

Yet hard as it is for such organizations to innovate, large ones as diverse as Alcoa, the Discovery Group, and NASA’s Ames Research Center are actually doing so. What can other companies learn from their approaches and attributes? That question formed the core of a multiyear study comprising in-depth interviews, workshops, and surveys of more than 2,500 executives in over 300 companies, including both performance leaders and laggards, in a broad set of industries and countries (Exhibit 1). What we found were a set of eight essential attributes that are present, either in part or in full, at every big company that’s a high performer in product, process, or business-model innovation.”

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How Uber Works: Insights into Business & Revenue Model

From Juggernaut -

“Uber is an on-demand transportation service which has brought a revolution in the taxi industry all across the world. The business model of Uber has made it possible for people to simply tap their smartphone and have a cab arrive at their location in the minimum possible time.

Uber is one of those few tech companies in the world that has been valued over $50 Billion. Uber has already received an equity funding of $8.2 Billion and is present in 60 countries. These facts surely shows the trust of investors in Uber’s business model and make it easy for us to imagine how much revenue will Uber be making once it attains liquidity.”

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