5 Ways to Innovate
@5waystoinnovate.com
Corporate innovation consultancy based in Singapore. We're on a mission to help 1,000 corporates reinvent themselves to build the business of tomorrow.
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About 5 Ways to Innovate
Introducing the innovative framework that has helped numerous well-known brands rapidly set up successful innovation portfolios: The 5 Ways to Innovate. Developed by analyzing close to 100 companies, this framework simplifies the process of building a corporate innovation portfolio by encapsulating the most common approaches taken by successful innovators today.
The 5 Ways to Innovate consist of five distinct categories, each addressing different aspects of innovation:
1. Upskilling: Develop innovation capabilities by upskilling your workforce, introducing new ways of working, and cross-pollinating skills across different areas of your business.
2. Innovation Hub: Create a separate playpen away from legacy constraints for experimentation and finding solutions.
3. Startup Studio: Launch disruptive startups from within your organization, tapping into a talent pool you couldn't access otherwise.
4. Incubator: Support external startups with funding and resources to explore innovation opportunities that align with your organization's direction.
5. Ecosystem: Harness the power of the market by attracting external partners to innovate on specific parts of your business.
To ensure a balanced innovation portfolio, experts recommend adopting at least three of these approaches, using a simple 70/20/10 percentage split. Discover how this framework can help your company thrive in the world of innovation.
