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Innovation and Technology

Ways to Grow a Company

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Ways to Grow a Company

Innovation Without Luck: A Framework for Growth

The term “innovation” is often associated with geniuses turning startups into gold mines, but the reality is that most companies struggle to identify the right opportunities. Every company aspires to be as innovative as these startups, but many invest in or buy them without a clear understanding of what they’ll yield. According to a series of three surveys conducted over six years, while 80% of executives know that their companies’ success depends on introducing new products and services, more than half agreed that their companies dedicate insufficient resources to support innovation.

The Simple Categories of Innovation

Innovation is often made unnecessarily complicated, but it can be boiled down to six simple categories with corresponding examples from Apple:

  • New processes. Sell the same stuff at higher margins: Cut production and delivery costs, automate for efficiencies, cut fat in the supply chain or manufacturing, and utilize robots.
  • New experiences. Sell more of the same stuff to the same people: Increase retention and share by powerfully connecting with customers. An example is the Apple Store experience, which many would argue is as compelling as the company’s products.
  • New features. Sell enhanced stuff to the same people: Add improvements that drive incremental purchases. An example of this is every new phone Apple releases, with better cameras and so on.
  • New customers. Sell more of the same stuff to new people: Introduce the product to new markets with needs similar to your core, or to markets where it might address a different need. For Apple, this goes back to reaching the mainstream rather than the design community.
  • New offerings. Make new stuff to sell: Develop a new product — not just enhancements. Find new needs to solve within existing markets, or invest in a new category. Think HomePod or the iPod.
  • New models. Sell stuff in a new way: Reimagine how to go to market by creating new revenue streams, channels, and ways of creating value. This can be as simple as moving to a subscription model, or as transformative as Apple’s creating iTunes.

An Intentional Approach to Innovation

Deciding which ways to grow needs to be intentional — not driven by luck. Innovation budgets are finite, so allocations of your scarce resources should reduce risk and focus on the best bets. A balanced approach is key, just like a retirement fund needs to be balanced among high and low risks and rewards.

The following innovation budget allocation model shows the relationship among these six simple ways to grow, in the context of the four quadrants of the portfolio (evolutionary, differentiation, fast fail, and revolutionary), each of which gets a percentage allocation of the innovation budget:

  • New processes fall outside the innovation portfolio (no budget allocation).
  • New experiences and new features are in the evolutionary quadrant (about 40%–60% of the budget).
  • New customers are in the fast fail quadrant (about 10%–20% of the budget).
  • New offerings are in the differentiation quadrant (about 10%–20% of the budget).
  • The combination of both new customers and new offerings are in the revolutionary quadrant (about 5%–10% of the budget).
  • New models can fall anywhere in the portfolio.

The Easiest Goal in Innovation

The easiest goal in the innovation pie is to maintain relevance to your core market through enhancements — with new features for your current offerings or the experiences that deliver them. It’s easy because it focuses on a market you already know and on products you already know how to deliver.

Focused Bets on Revolution

A smaller portion (5%–10%) for focused bets on revolutionary, high-risk opportunities with new offerings to new customers. In this quadrant, you focus on a big idea, using agile approaches to break it apart to see which elements drive value through continuous assessments of desirability, since you don’t know for sure what the market values (even the idea itself). If you continue to clear hurdles, you stand a chance to launch a game-changer that fills an unmet need.

Conclusion

FAQs

Q: Why is innovation often made unnecessarily complicated?

A: Innovation is often overcomplicated because companies try to tackle too many ideas at once, without focusing on the most promising opportunities.

Q: What is the easiest goal in innovation?

A: The easiest goal in innovation is to maintain relevance to your core market through enhancements — with new features for your current offerings or the experiences that deliver them.

Q: What is the key to success in innovation?

A: The key to success in innovation is to focus on the most promising opportunities, allocating resources intentionally and balancing risk and reward.

Innovation and Technology

Building a Thriving Innovation Culture

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Building a Thriving Innovation Culture

Building an Ecosystem for Innovation

Introduction

To ensure their companies stay innovative, leaders need to create an ecosystem that allows winning ideas to consistently emerge. In two decades of strategy consulting and research, the authors have learned that building such an ecosystem requires developing capabilities for exploring new ideas, experimentation, accepting failure, and working with external partners.

Exploring New Ideas

The first step in building an innovative ecosystem is to encourage employees to explore new ideas. This can be achieved by:

* Providing a platform for employees to share their ideas and get feedback from others
* Offering training and development opportunities to help employees develop their creative skills
* Fostering a culture of experimentation and calculated risk-taking

Experimentation

Experimentation is a critical component of an innovative ecosystem. This involves:

* Encouraging employees to try new things and learn from both successes and failures
* Creating a culture that values experimentation and learning from failure
* Providing resources and support to help employees experiment and innovate

Accepting Failure

Accepting failure is an important part of the innovation process. It allows companies to learn from their mistakes and improve their approach. To accept failure, companies must:

* Encourage a culture of experimentation and calculated risk-taking
* Provide resources and support to help employees learn from their mistakes
* Celebrate the lessons learned from failure and use them to improve the innovation process

Working with External Partners

Working with external partners is another important aspect of building an innovative ecosystem. This can include:

* Collaborating with other companies, startups, and research institutions to access new knowledge and expertise
* Partnering with suppliers and customers to co-create products and services
* Engaging with the broader community to stay up-to-date with the latest trends and innovations

Conclusion

Building an ecosystem for innovation requires developing capabilities for exploring new ideas, experimentation, accepting failure, and working with external partners. By implementing these strategies, companies can create an environment that fosters innovation and allows winning ideas to consistently emerge.

FAQs

Q: What is the most important aspect of building an innovative ecosystem?
A: Encouraging employees to explore new ideas and experiment with new concepts is key to building an innovative ecosystem.

Q: How can companies accept failure in the innovation process?
A: Companies can accept failure by encouraging a culture of experimentation and calculated risk-taking, providing resources and support to help employees learn from their mistakes, and celebrating the lessons learned from failure.

Q: Why is working with external partners important in building an innovative ecosystem?
A: Working with external partners provides access to new knowledge and expertise, allows for co-creation of products and services, and helps stay up-to-date with the latest trends and innovations.

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Innovation and Technology

Staying Connected: The Top Communication Tools for Hybrid and Remote Teams

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Staying Connected: The Top Communication Tools for Hybrid and Remote Teams

In today’s fast-paced and constantly changing work landscape, staying connected with your team is more crucial than ever, especially for hybrid and remote teams. With the rise of flexible work arrangements and virtual collaboration, communication tools have become an essential component of success. In this article, we’ll explore the top communication tools that can help hybrid and remote teams stay connected, productive, and successful.

The Importance of Effective Communication

Effective communication is the lifeblood of any team, whether working together in-person or remotely. Without clear and open communication, teams can quickly become disorganized, frustrated, and ultimately, inefficient. In hybrid and remote teams, communication tools are essential for ensuring that all team members are on the same page, can access important information, and can collaborate seamlessly.

The Top Communication Tools for Hybrid and Remote Teams

### Video Conferencing Tools

* Zoom: A popular video conferencing platform that allows teams to hold virtual meetings and collaborate in real-time.
* Google Meet: A simple and easy-to-use video conferencing platform that integrates with Google Calendar.
* Microsoft Teams: A communication and collaboration platform that includes video conferencing capabilities.

### Instant Messaging Apps

* Slack: A popular instant messaging app that allows teams to communicate in real-time, share files, and collaborate on projects.
* Microsoft Teams: In addition to its video conferencing capabilities, Microsoft Teams also offers instant messaging and file-sharing features.
* Discord: A communication platform that’s popular among gamers, but also suitable for business use, with features such as voice and video chat, screen sharing, and file sharing.

### File Sharing and Storage

* Dropbox: A popular cloud storage service that allows teams to share and access files from anywhere.
* Google Drive: A cloud storage service that allows teams to store and share files, and integrates with Google Workspace apps.
* Microsoft OneDrive: A cloud storage service that allows teams to store and share files, and integrates with Microsoft 365 apps.

### Project Management Tools

* Trello: A visual project management tool that uses boards, lists, and cards to track and manage tasks and projects.
* Asana: A task and project management tool that allows teams to create and assign tasks, track progress, and collaborate.
* Basecamp: A comprehensive project management tool that includes features such as scheduling, time tracking, and file sharing.

### Virtual Event Platforms

* Hopin: A virtual event platform that allows teams to host webinars, conferences, and meetups with up to 10,000 attendees.
* Demio: A virtual event platform that offers features such as webinar hosting, attendee tracking, and analytics.
* BigMarker: A virtual event platform that allows teams to host webinars, conferences, and meetups with up to 10,000 attendees.

### Virtual Whiteboarding Tools

* Mural: A virtual whiteboarding tool that allows teams to collaborate and brainstorm in real-time.
* Google Jamboard: A digital whiteboard tool that allows teams to collaborate and brainstorm in real-time.
* Microsoft Whiteboard: A digital whiteboard tool that allows teams to collaborate and brainstorm in real-time.

### Communication Analytics Tools

* Mixmax: A communication analytics tool that provides insights on email engagement, meeting effectiveness, and more.
* Chartbeat: A communication analytics tool that provides insights on team activity, communication patterns, and more.
* Zoom Analytics: A communication analytics tool that provides insights on meeting activity, attendee engagement, and more.

Conclusion

Effective communication is essential for the success of any team, regardless of whether they’re working together in-person or remotely. The tools listed above are just a few examples of the many options available to help hybrid and remote teams stay connected and productive. By choosing the right communication tools, teams can improve collaboration, reduce misunderstandings, and achieve their goals. Whether you’re just starting to transition to hybrid or remote work, or are looking to enhance your existing team’s communication skills, these tools can help.

FAQs

**Q: What is the most popular communication tool for remote teams?**

A: The most popular communication tool for remote teams is Zoom.

**Q: What are the benefits of using a project management tool?**

A: The benefits of using a project management tool include improved organization, increased productivity, and enhanced collaboration.

**Q: Can I use a video conferencing tool for personal or professional use?**

A: Yes, most video conferencing tools can be used for both personal and professional use.

**Q: How can I determine which communication tool is best for my team?**

A: You can determine which communication tool is best for your team by considering factors such as team size, communication needs, and technology infrastructure.

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Innovation and Technology

Record-Breaking DDoS Cyberattack

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Record-Breaking DDoS Cyberattack

Cloudflare Mitigates Largest DDoS Attack on Record

Cloudflare has mitigated the biggest distributed denial of service (DDoS) attack on record, according to a new report. The DDoS attack, which hit an East Asia-based telecoms firm last year, reached 5.6 terabits per second (Tbps) and lasted for 80 seconds. It was comprised of a botnet of 13,000 devices taken over by the Mirai malware, according to Cloudflare’s blog.

DDoS Attacks — Growing In Number And Getting Faster

DDoS attacks are increasingly common. Last year, Microsoft confirmed that an Azure outage on July 30 lasting nearly 10 hours was triggered by a distributed denial of service cyberattack. Overall, Cloudflare blocked around 21.3 million DDoS attacks in 2024, a 53% increase on 2023. The number of DDoS attacks exceeding 1 Tbps grew 1,885% in Q4 from Q3.

Ransom DDoS Is On The Rise

In the final quarter of 2024, Cloudflare observed a surge in Ransom DDoS attacks, where adversaries try to extort money by threatening to take down their targets’ web properties or networks. China maintained its position as the most attacked country.

Conclusion

As DDoS attacks surge, causing outages and worse, it’s important to get the cybersecurity basics right. Understand your service, the risks associated with losing access to it, and ensure you are as resilient as possible to avoid being hit in the first place.

Frequently Asked Questions

  • What is a DDoS attack?
    • A DDoS attack is a type of cyberattack where a website or service is flooded with traffic, making it unusable.
  • What is Mirai malware?
    • Mirai is a type of malware that takes control of devices, such as IoT devices, to launch DDoS attacks.
  • How does Cloudflare mitigate DDoS attacks?
    • Cloudflare uses its distributed defense systems to detect and mitigate DDoS attacks autonomously, without human intervention.
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