How to Be Different?: Innovation Techniques Based on Lateral Thinking

How to Be Different?: Innovation Techniques Based on Lateral Thinking

DOI: 10.4018/978-1-5225-4978-9.ch002
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Abstract

The innovative methods adopted by firms in the sixth innovation wage (the adoption of a corporate DNA) are mainly based on creative thinking, user innovation, and open innovation. When firms enhance their corporate strategies, they create value through a CTA (Create, Transform, and Apply) business cycle launched by policies focused on creative thinking. In this chapter, the author analyzes the following strategies grounded in creative thinking: Brainstorming, the Osborn-Parnes Creative Problem-Solving Process, SCAMPER, 635 Brainwriting, Lotus Blossom, Laddering, Stop-It Mop-It, Six Thinking Hats, Business Process Re-engineering (BPR), and the Theory of Inventive Problem Solving (TRIZ). Techniques are directed to increase the stakeholders' satisfaction by diminishing the operating risks related to launching new products and services.
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Wild ducks follow the leader of their flock by the shape of their flight and not by the force of their croaking. (Chinese proverb)

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Business Ideas

Regarding business ideas, as shown in Figure 1, they can be classified as “out-of-the-box” (original) ideas, extravagant ideas, and “crazy” and ingenious ideas. In reality, these plans are disrupting and, consequently, are very risky to launch. As a result, in many cases it is necessary the existence of business angels’ networks, syndicated investors, 2-F (Family & Friends) investors or informal investors, institutional investors, and venture capital to launch these high-risk business projects. When newcomers base their decisions on technology, financing is more complicated due to the intangible nature of the investment, which lowers financial guarantees and increases the financial gap, and to the difficulties involved in evaluating the technological risk of a project. Along with the financial gap, there are challenges linked to the transformation of research results into marketable products and services (technology transfer gap), as well as a lack of skills, knowledge and entrepreneurial know-how in many entrepreneurs (operational gap) (Hoyos & Saiz, 2014).

Figure 1.

Type of business ideas

Source: own elaboration

Complementary to these “out-of-the-box” ideas, business projects linked to sailing over blue and purple oceans create virtuous circles, so new ideas continuously emerge once the internal stakeholders of the organization absorb them. As a result, when entrepreneurs 4.0 generate knowledge based on new technologies, new processes, and new products and services demanded by the market, newcomers, and start-ups will increase EBITDA and will benefit the entire society if firms apply CSR-based policies. As a result, the organization creates value, which helps the stakeholders.

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