Just read this great book - The Game Changer (by A. G. Lafley and Ram Charan). It is based on the phenomenal story of innovation in P&G and other companies and how others can benefit from it. For the benefit of someone who has not read the book, here is a very high level summary:
P&G operates in a highly commoditized business space and depends on 2 “moments of truth” for its business to grow
- Product selection - when the consumer is shopping
- Product use – First time the consumer uses the product (and of course every user experience
Innovation - Customer is the focus and business growth is the outcome
- Customer has to be the focus of every innovation
- Every innovation has to lead to business growth
- Innovate with everyone – including competitors (Believe it or not P&G has a JV with one of its competitors)
- Make innovation “routine” (Counter-intuitive)
- Check out a few platforms that are used at P&G to collaborate for innovation:
http://www.ninesigma.com/
http://www.innocentive.com/
http://www.yourencore.com/
