« Time and Place | Main | New...and Improved »

How to Find Innovation Gold

Looking for innovation is like prospecting for gold; if you look in the same place as everyone else, it can be difficult to find. Chances are someone else has beaten you to it. Successful innovators often uncover nuggets of gold by searching off the beaten path. It may take a little more effort, but the potential rewards are much greater.

I try to use this approach when I explore opportunities for innovation at RBC. You might want to try it as you explore ideas for the Next Great Innovator Challenge. The first step is to map the universe of opportunities along a particular dimension. Next, try to identify areas along that dimension where innovation activity is most intense. Doing so will reveal areas that are comparatively unexplored. Focus on the neglected areas to uncover potentially unique opportunities. Be careful not to discount heavily explored areas entirely, since they might be heavily explored for good reason.

Consider the challenge question, which asks how today’s teens will influence the financial services industry in Canada. The phrase “financial services industry” is deliberately broad in scope. How would you map the universe of opportunities therein?

Along the product dimension, potential areas of exploration might include: banking, investments, and insurance. All of these areas are available for exploration. Which of these seem to attract the most attention? Could you gain an advantage by focusing on those that are less scrutinized?

Along the client dimension, potential areas of exploration might include: personal, business, and corporate. Once again, these are all fair game for exploration. Which of these attract the most attention and why? Is there more opportunity to innovate in the relatively unexplored areas?

Note that I selected two basic dimensions, merely to illustrate the overall approach. The actual number of dimensions is virtually without limit. The approach is particularly useful when applied against innovation types, which I will define and discuss in future posts.

Posted by Nelson T. on November 8, 2006 7:04 PM

---

Post a comment

Name:

Email Address:

URL:

Comments:

Submitted comments must relate to the RBC Next Great Innovator Challenge. All comments will be reviewed and only approved comments will be posted. HTML is not allowed. Comments that include personal attacks on RBC or RBC Employees or other participants in this forum, make obviously false or unsubstantiated allegations, or include vulgar or libelous language, will not be approved. Posted comments are the views of the individual author and not of Royal Bank of Canada. By submitting a comment, you agree to be bound by the Terms of the Innovator Blog.

• Share:
• 
• 
• 
•  Follow:
• 
• 
•