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Business Models For Dummies by Jim Muehlhausen, JD

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Chapter 18

Starting the Innovation Process

In This Chapter

arrow Knowing what type of innovation you need

arrow Benefitting from both marginal and quantum innovation

arrow Learning to love crazy ideas

arrow Keeping your innovation process on track

Many businesspeople don’t know where to begin the innovation process. Innovation doesn’t really have a standard formal process, so some people feel like innovation is nothing more than whipping up some ideas.

Without innovation, your business model will stagnate and become less and less effective. Like it or not, at some point you need to give serious thought to the innovation of your business model. When that time comes, the better your innovation process, the better the outcome will be.

In this chapter, I discuss the process of innovation and the differences between marginal innovation and quantum innovation. I show you the benefits of bringing in outside talent and some of the tools you can use in your innovation process.

Comparing Marginal Innovation and Quantum Innovation

This statement may be an oversimplification, but innovation can be put into two categories: ...

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