Apple, Google, Amazon, Microsoft, Zoom—all of these corporate superstars are excellent examples of strategic innovation in action. We’ve witnessed these companies bring about some of the most exciting transformations in the world as we know it today. From changing the smartphone game to having a name that is synonymous with searching the web, these organizations are clearly doing something right.
And what does this mean for you, as a business owner? How can you rise to the top as these companies have?
These companies all have networks of teams that are constantly working to improve their business model in new ways. Of course, it can be costly to hire that many people for innovation development—fortunately, this isn’t your only option.
Business innovation consulting is the perfect solution for an organization looking to identify fresh opportunities and markets. By hiring an outside consultant, such as NEXT Studios, you can remove barriers to innovation, generate new ideas, and turn those ideas into winning offerings.
If you’re looking for a good place to start, we recommend studying a well-known innovation strategy in business. We’ve got a few good strategic innovation examples to get you started.
What Are 4 Examples of Innovation?
Shipping bikes, futuristic clothes shopping, super apps, and beating tech giants—here are four of our favorite examples of strategic innovation.
Vanmoof: Is That a Bike or a TV?
Vanmoof is pushing the boundaries of the e-bike industry. However, this innovation example isn’t about their products—it’s about how they ship their products.
Many of Vanmoof’s bikes were arriving damaged to their new owners. This shipping issue became a threat to their entire branding—plus it got quite costly. After trying tougher boxes, different shipping partners, and better packaging, they still weren’t having any luck and customers were still receiving damaged bikes.
Then their co-founder has a brilliant idea—why not put the image of a big, expensive, flat-screen television on the box? Perhaps the shipping handlers might actually “handle with care” if they assumed a fragile flat-screen was inside?
And they were right. Shipping damages dropped by 70-80%. In fact, Vanmoof began noticing other bike companies using the same idea. We get it—it’s such a simple, yet effective, innovation.
Reformation: The Future of Clothes Shopping
Reformation is a sustainable clothing company that sought to revitalize their brick and mortar strategy. Instead of browsing through rack after rack for the perfect style (that’s also in your size), the clothes you want come to you.
How so? Reformation has installed multiple touch screens in their stores for a futuristic shopping experience. It’s one of many companies using technology to innovate and bring about business growth.
On the touch screens, shoppers can select their style, color, and size for any item they want to try on. Within minutes after making their selections, shoppers are guided to a dressing room where all of their selections await them. There is also one example of each article of clothing on the store display floor for customers to touch and feel.
The clothing seems to appear magically, but they are actually brought to the dressing room by a secret back door. Every dressing room is also equipped with a personal touch screen, so shoppers can continue to find the right style and fit. They even include a docking station for your phone, so you can keep listening to your favorite podcast or playlist while you try on clothes.
Reformation, photo by Business Insider, 2018.
Grab: One App for All Your Needs
Need a ride somewhere? What about groceries, insurance, investment opportunities, shipping services, and more? This is what Grab is all about—taking the meaning of “all-in-one” to the next level.
Grab is leading innovation in Singapore and Southeast Asia with its super app. You can pay for day-to-day needs with money you’ve earned through GrabPay wallet investments. If you need groceries or meals delivered, it’s no problem with GrabMart and GrabFood. They can also pick up and deliver packages for you with GrabExpress. And that’s only a small sample of their offerings.
While all of these services already exist, it’s their union and interconnectivity in one app that has skyrocketed Grab from a simple ridesharing program in 2012 to a valuable company now worth about $16 billion.
AMD: Competitive Tech Innovation at Its Finest
Many companies wouldn’t even consider going up against some of the big tech giants like Intel, but that’s exactly what Advanced Micro Devices (AMD) did. AMD is a computer technology company that used innovation as a competitive strategy in a brilliant way.
Intel has usually held the majority of the central processing unit (CPU) market, but AMD is threatening its hold. Intel even admitted this outright in 2019, promising an “aggressive fightback.”
AMD did this by exploiting Intel’s weak point—their prices. The question they had to answer became: How do we make less expensive CPUs without compromising on quality?
They accomplished this by creating a line of Ryzen processors with their innovative “Zen” architecture, which essentially empowers AMD chips to process more instructions per cycle. The first Ryzen CPUs were comparable to Intel models, but for half the cost. Since the first Ryzen CPU in 2017, AMD continues to grow. At the end of 2021, AMD had 25.6% of the x86 CPU market—its highest share ever. They’ve officially taken a quarter of the market with their strategic innovation.
How Do I Create an Innovation Strategy in My Business? Start With NEXT Studios
With a team of practicing entrepreneurs and experienced leaders in the innovation community, NEXT Studios is the best place to start with your next revolutionary strategy. We are also one of Indiana’s first Benefits (B) Corporation innovation studios, meaning we hold ourselves accountable to supporting the entrepreneurial ecosystem of our community while still functioning as a financially successful business.
Whether you’re a corporation, startup, or community, NEXT Studios can help. Through our series of experiences and educational opportunities, we help organizations everywhere unleash sustaining, disruptive, and radical innovation.
Want to see what’s next? Contact us! Innovative solutions are right around the corner.