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Copycat Innovation – A 7-Step Process That Minimises Risk and Optimises Success
Business studies by renowned organizations such as IBM, Boston Consulting Group, PwC and others certainly reach the same conclusion that innovation is critical to business growth and profitability. However, only 4% of CEOs have actually implemented an innovation system for their organization. They are reluctant to embrace failure and uncertainty.
In the last three IBM global CEO surveys, CEOs consistently said that coping with change was their most pressing challenge. In the 2010 IBM CEO Survey, CEOs ranked Creativity as the most important leadership trait. The most creative business leaders have an innovation system. However, innovation carries great risk and ties up company resources such as money, time, logistics and possibly expensive equipment.
These CEOs are constantly looking for a less risky path. Now, apparently. The solution is Copycat Innovation.
What is Copycat Innovation?
Copycat Innovation is about adapting a proven solution to emerge with innovation, thereby reducing risk and optimizing success. In short, it’s about taking what works best and improving on it.
Copycat Innovation is not about exact imitation of an existing product, service or process. Creativity and innovation are required. It has a regular method.
Copycat Innovation does not accept copyright. Nor does it constitute patent infringement. Copycat Innovation takes advantage of R&D already done and borrows and develops existing products, services, marketing systems and technologies to create a competitive niche in the market.
By applying Copycat Innovation’s 7-step process, you can eliminate fears and anxieties that reduce risk and optimize success by making what works even better.
Why Copycat Innovation?
Coming up with ‘breakthrough ideas’ and ‘completely new’ innovations is both tempting and exciting. After all, success can mean market dominance. However, such a strategy carries great risks. In addition, it usually requires great efforts and resources. It is a complex activity, costly, and often shows very little promise of return on investment. Work on a successor to the successful product should begin immediately. This means that the subsequent research budget should be more than the original innovation. Examples of this approach are Intel, 3M and P&G.
With globalization and the advent of the Internet, there is a new easier, simpler and proven way to reduce risk and optimize success. This way is called “Copycat Innovation”. Examples of this approach include Apple’s development of the iPod, iPhone and iPad product lines, Samsung’s business strategy and banking.
Actually, this approach is not new. It has been made by many successful companies and organizations. But so far no one has given it a general name. After extensive research, I named this approach Copycat Innovation and developed a 7-step methodology for Copycat Innovation, a methodology that taps into the amazing power of the Global Brain via the Internet.
In short, Copycat Innovation offers perhaps the best approach for your organization in maintaining and growing your competitive and strategic position in the market because it is:
* Easy implementation
* Low risk, because you are adapting or refining a proven solution
* Low cost, because the research and development work is already done for you
* Requires much less resources in people, time, money and effort
* A fast way to commercialize
* This is legal and ethical
Examples of Copycat Innovation
* Apple: Apple launched the iPad in 2010 by refining and adapting technologies from many sources. For example, the first Tablet computer was manufactured in 2001 by Microsoft. MIT developed Touch Screen technologies and hand gesture systems for turning pages or moving screens. Of course, Apple also introduces many innovations to the iPad.
* Samsung: Samsung founder Lee Kun-hee’s formula of hitting the market with a copycat product when a new opportunity presents itself has helped Samsung become a top global brand over the past decade, boasting a market value of $143 billion. . bigger than Intel and Hewlett Packard and equal to the combined value of Sony Corp, Nokia, Toshiba and Panasonic Corp. This is because an original innovation and creation of a new market requires a huge risk and takes a long time to achieve profitable results.
* Discussion: Franchising is a systematic form of Copy Innovation. According to US Chamber of Commerce statistics, franchised businesses have a 97% success rate within 5 years of opening, while non-franchised businesses have a relatively low 48% success rate in their first 6 years.
* McDonalds: White House founders Walt Anderson and Billy Ingram are widely credited with inventing the hamburger as well as the fast-food business. However, its copycat McDonalds, the world’s largest fast food chain, is making a huge success of its hamburger fast food business by revamping its marketing.
A 7-Step Methodology for Copywriting Innovation
Here’s a 7-step process for Copycat Innovation that taps into the awesome power of the global brain to deliver fast-paced innovation with measurable results (KPIs):
1. Identifying the Core problem;
2. Approaching Michelangelo;
3. Making the best of it;
4. Innovating wheel;
5. Selling Copycat Innovation;
6. Implementation of Copycat Innovation;
7. Recognition and Celebration.
Fastcompany magazine and Businessweek have recognized Apple as the most innovative company in the world. He is also probably the world’s most talented copyist. Steve Jobs, the founder and CEO of Apple admitted it openly in one of his presentations. He said, “Good artists copy, great artists steal. And we’ve always been shameless about stealing great ideas.”
In his much-reviewed new book, “Copycats: How Smart Companies Use Imitation to Achieve Strategic Success” published by Harvard Business Press, Prof Oded Shenkar explores a period of from 1948 to 2001 found that 97.8% of the renewal rate was passed. to the imitators! They call it imovation (Imitation+innovation) which is exactly what Copycat Innovation is all about.
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