All enterprises have to innovate; more so in the fast changing world where alternatives to your products or services are plentiful, ready to replace you and the market finicky and not loyal. Morten Hansen writes about the innovation value chain. The chain starts with idea generation, but then moves to prioritising and funding ideas, to converting those ideas to products and finally to diffusing those products and business practices across the company.

His thought which is condensed in an article available on the net is worth reading. A three prong look at innovation namely: in products and services; new business models and best practices has captured my attention. Today whilst reflecting and proposing an innovation scheme to a company, I used the three prong methodology and came up with some interesting innovation areas to roll out.