The 'Innovation Ambition Matrix' plays a crucial role in business transformation. It is a strategic tool that helps organizations identify and prioritize innovative initiatives based on their potential impact and feasibility. The matrix is divided into three zones: core, adjacent, and transformational innovation. Core innovation focuses on making incremental changes to existing products and services. Adjacent innovation involves expanding into new areas that build on the company's existing capabilities. Transformational innovation, which carries the highest risk and potential reward, involves creating breakthrough products or services that don't currently exist. By using this matrix, businesses can balance their innovation portfolio and ensure they are investing in a mix of safe, moderate, and high-risk initiatives, thus driving transformation.
Without adequate innovation, you risk falling behind in even what you do well. So how can an organiz...
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