Continuously asking and re-examining what business you are in is a key component of remaining relevant. Here is a humorous newsflash that just might point to a whole new market space for IKEA to get into.
There is never enough fun examples of the innovation shortcut. And the sport of table tennis is a good one, both historically and recently. Just how does this fun sport capture the essence of combining seemingly unusual components into new value propositions? Read on.
Alas, the video of my recent TEDx Verona presentation is now accessible via this link on YouTube: https://www.youtube.com/watch?v=HziwLXfbmps
Starbucks is an exemplary market innovator without actually invent anything new. It combined centuries old café culture with an easily replicable, fast-food model. Yet it has transformed the way people work, making coffee a destination, rather than a functional accessory to work. It turns out, this transformation has deep historical roots.
An exciting theme I talk about in ‘Slingshot’ is that start-up companies can circumvent the traditional practices of incumbent market leaders via the ‘innovation shortcut’ – smart, new combinations of already existing components. Here is an example with full-society impact from Africa, based on the combination of personal mobile phones and a network of small retail shops.