Enterprise surveys by respected organisations resembling IBM, Boston Consulting Group, PwC and others inevitably come to the identical conclusion that innovation is essential for enterprise progress and earnings. But, solely 4% of CEOs have truly put in place a system of innovation for his or her organisation. They’re hesitant to embrace innovation out of failure and uncertainty.
In IBM’s final three international CEOs research, CEOs constantly mentioned that dealing with change was their most urgent problem. Within the IBM CEO Examine 2010, CEOs pronounced Creativity as a very powerful management attribute. Essentially the most inventive enterprise leaders have a system of innovation. Nonetheless, innovation carries excessive danger and ties up the corporate’s sources like cash, time, logistics and probably costly equipments.
These CEOs are consistently on the lookout for a much less dangerous means. Now, the look is over. The answer is Copycat Innovation.
What’s Copycat Innovation?
Copycat Innovation is about adapting a confirmed answer to come back out with an innovation, thereby minimizing danger and optimizing success. In brief, it’s about taking what works finest and enhancing on it.
Copycat Innovation shouldn’t be a few full-scale imitation of an present product, service or course of. Creativity and innovation are required. It has a structured methodology.
Copycat Innovation doesn’t problem copyright. Nor does it contain patent infringement. Copycat Innovation takes benefit of R&D carried out earlier and entails the borrowing and creating of present merchandise, providers, advertising methods and applied sciences to carve a aggressive area of interest within the market.
By making use of a 7-step Copycat Innovation course of, you may get rid of the fears and frustrations of that minimises danger and optimises success by making what works effectively even higher.
Why Copycat Innovation?
Popping out with ‘breakthrough concepts’ and ‘fully new’ improvements is each tempting and glamorous. In any case, success might imply market domination. Nonetheless, such a method carries massive dangers. Furthermore it often calls for huge efforts and sources. It’s an exercise that’s advanced, expensive, and very often exhibits little or no promise of a return on funding. Work on the successor of the profitable product has to begin instantly. Which means that the successive analysis funds have to be more and more larger than the unique innovation. Examples of this method are Intel, 3M and P&G.
With globalisation and the appearance of the Web, there may be a neater, less complicated and confirmed new path to minimising danger and optimising success. This path is termed “Copycat Innovation”. Examples of this method are Apple in creating the iPod, iPhone and iPad sequence of merchandise, Samsung’s enterprise technique and banking.
The very fact is that this method shouldn’t be new. It has been carried out by numerous profitable corporations and organisations. However nobody had given it a generic title till now. After doing in depth analysis, I named this method Copycat Innovation and have developed a 7-step methodology for Copycat Innovation, a strategy that faucets into the superior energy of the World Mind by way of the Web.
In brief, Copycat Innovation provides in all probability the perfect method on your organisation in sustaining and rising your competitiveness and strategic positioning within the market-place as a result of it’s:
* Easy to implement
* Low danger, as you’re adapting or refining a confirmed answer
* Low-cost, because the analysis and growth work has already been finished for you
* Requires a lot much less sources together with folks, time,cash and efforts
* A quick-track path to commercialisation
* It’s authorized and moral
Examples of Copycat Innovation
* Apple: Apple launched the iPad in 2010 by refining and adapting applied sciences from many sources. For instance, the primary Pill laptop was constructed by Microsoft in 2001. MIT created the Contact Display screen applied sciences and the hand movement methods for flipping pages or transferring screens. In fact, Apple introduces many inventions to the iPad too.
* Samsung: Samsung founder Lee Kun-hee’s formulation of being the primary out there with a copycat product when there is a new alternative has helped flip Samsung right into a prime international model over the previous decade or so, boasting a market worth of $143 billion, larger than Intel and Hewlett Packard and equal to the mixed worth of Sony Corp, Nokia, Toshiba and Panasonic Corp. It’s because being an unique innovator and creating a brand new market requires plenty of danger and takes a very long time to attain worthwhile outcomes.
* Franchising: Franchising is a scientific type of Copycat Innovation. In response to the USA Chamber of Commerce statistics, franchised companies have a 97% success charge inside 5 years of opening, whereas non-franchised companies have a, comparatively low, success charge of 48% of their first 6 years.
* McDonalds: White Citadel’s founders, Walt Anderson and Billy Ingram, are broadly credited with inventing each the hamburger and the fast-food enterprise. Nonetheless, its copycat follower McDonalds, the world’s largest fast-food chain, by way of its advertising innovation makes a a lot higher success of its hamburger fast-food enterprise.
The 7-Step Methodology to Copycat Innovation
The 7-step course of for Copycat Innovation that delivers a measurable results-driven (KPIs) fast-track innovation by tapping into the superior energy of the worldwide mind is as under:
1. Figuring out the Core situation;
2. Taking the Michelangelo method;
3. Making the perfect higher;
4. Innovating the wheel;
5. Promoting the Copycat Innovation;
6. Implementing the Copycat Innovation;
7. Recognition and Celebration.
Fastcompany and Businessweek journal have acknowledged Apple as probably the most revolutionary firm on the planet. Additionally it is in all probability the world’s most proficient copycatter. Steve Jobs, Apple founder and CEO brazenly admitted as such throughout certainly one of his displays. He mentioned, “Good artists copy, nice artists steal. And now we have all the time been shameless about stealing nice concepts.”
In his a lot reviewed new guide, “Copycats: How Good Corporations Use Imitation to Achieve a Strategic Edge “printed by the Harvard Enterprise Publishing, Prof Oded Shenkar cited a examine over a interval from 1948 to 2001 which discovered that 97.8% of innovation worth goes to the imitators! He calls it imovation (Imitation+innovation) which is strictly what Copycat Innovation is all about.