INNOVATION SEARCH SPACE

INNOVATION SEARCH SPACE. Group 1D – 3A.

Exploration & exploitation. EXPLORATION DOING SOMETHING WE HAVE NEVER DONE BEFORE – “DO DIFFERENT” BIG LEAP, STEP CHANGE ADVANTAGE:- CHANGE THE GAME STEP CHANGE IN KEY PERFORMANCE DIMENTIONS. DISADVANTAGE:- HIGH RISK UNCERTAINTO IMPLEMENT REQUIRES NEW KNOWLEDGE – “NEW LEARNING”.

SEARCH STRATERGY AND STEPS FOR EXPLORATION & EXPLOITATION.

Framing the search space. Lamppost problem The messenger problem The rewiring problem The balancing problem.

BUSINESS CHANLLEGE. COMPANIES NEEDS TO MASTER BOTH CAPABILITIES AT SAMETIMES.

The Innovation framework The Innovation Matrix simplifies and structures innovation management and strategy; It urges organizations of any size – whether a start-up, a corporate, an institute, or social establishment, professionals or novices..

Case study 1 - IPOD. Two step innovation that Apple did for I pod 1). Exploration 2). Exploitation iPod - Exploration The launch and success is just beginning of a digital hub strategy that apple executing In 1998, there were few MP3 players already available Ex. The Diamond Rio , but it could only hold 30 min of worth songs Why apple developed iPod? Apple will have believed that the then current crop of music players were insufficient thus prompting them into designing the phenomenon that is “The iPod ” . For more battery life (10 hour+) Less weight and small size Bigger capacity for songs ( 5gb of space) S imple and easy to use..

iPod - Exploitation Why apple upgraded the i Pod? After the success of iPod apple faced competition from other digital hub company like Sony (walk man). So, they created biggest incremental innovation in digital hub industry “The iTunes” . The software created by Steve Jobs which allows users to download music directly from the internet to the device a first at the time of launch. slicker designs, colour screens updated applications Slightly modified interfaces..

YouTube as video streaming platform founded in 2005.

aka. YouTube Music is a service that enables subscribers to view videos offline without ads and play music tracks on the platform in the background of the device. In August 2020, Google announced that YouTube Music would take the role of Google Play Music. Therefore users could move their music collections from Google Play Music to YouTube Music seamlessly. ( MusicBusinessWorldwide , 2021) It's the internet's biggest platform for video of any kind, with over 2 billion users, and music is one of the platform's core strengths. (Pierce, 2020). Since YouTube has had a large community familiar with the company`s services and its virtually limitless resources, YouTube Music has utilized a same business model compatible with its cognitive frame. YouTube Music has only 9 percent of total streaming subscribers as of 2022, while Spotify remains a prominent brand possessing more than 30 percent of users. (Statista, 2022) However, YouTube Music offers service varieties that its competitors can not. For example, people can watch both original and karaoke versions or live streams of the same song. Besides, YouTube has strong ties with all musicians and artists and tries to be a useful platform for them. YouTube Music brings a great service improvisation on a prevalent business approach by applying both exploitation and bounded exploration, and as Bessant (2009) implied, it`s decision-making is still guided by an existing strategic model and reinforces key competencies..