Introduction to iENGINES
WHY iENGINES?
Disruptive economic forces are creating a phenomenon that is titled as a commodity trap, which product focused companies are finding hard to break out of or avoid. This is also expanding into the service sector. There are almost 120 different innovation management methods in the marketplace. These methods no longer work because they focus mostly on one product or service development. Great companies have figured out how implement wide range of innovations and embrace many innovation opportunities at the same time. These companies innovate beyond products and services.
iEngine is about how to prepare and grow your company through strategic innovation. iEngines is for companies of any type and any size. iEngines can deliver both better offerings for customers and better economics for the business. iEngines help businesses to become high growth companies by providing new avenues for inventing new users’ experience.
HOW iENGINES?
There are 7 innovation engines which produce novel innovation opportunities and fast paced growth. The new paradigm shifts innovation from the offerings to experience-led innovation. The innovation engines such as customer, design, channel, and customer engagement represent experience-led innovation. Process innovation and unique revenue models reflect scaling innovation opportunities. Great companies focus on 4 engines maximum to build their competitive advantage and to disrupt the industry within they are operating in. Companies need to show up uniqueness and creativity in the following innovation engines:
- CUSTOMER- Who do you want your customers to become?
- OFFERING - What is your unique offering?
- DESIGN - How customers use your offerings?
- CHANNEL- How to invent unique delivery?
- CUSTOMER ENGAGEMENT- How do you get, keep & grow customers?
- PROCESS- How do you develop & produce offering?
- REVENUE MODELS - How do you collect money?
Companies increasingly engage partners and users into innovation process. But companies using iEngines tool benefit from in focus approach to engage the partners to the selected innovation engines and also develop organisational settings according to the need of the specific engine. Thus, it enables companies to tie external resources and internal competences, innovation incentives, and teams’ rights to the specific innovation engines.
This unique approach provides the competitive edge and differentiation in market place. This is the contemporary way to accelerate the growth! iEngines reflects a “new normal” for a business and a new basis for competition. The material in the iEngines approach is derived largely from our global experience consulting companies and teaching the European Innovation Academy young professionals from 50 different countries. We are grateful to all corporate and academic partners, innovators and entrepreneurs who shared their expertise, insights and experience how to grow through innovation.
Alar Kolk
President
European Innovation Academy