Does your innovation strategy primarily emphasize internal or external activities? Or both?

Strategy, Organization design, Digital Innovation We've seen the greatest success with a dual focus on both internal and external innovation.  Internal innovation activities will focus on optimizing the core business to produce an increase in efficiency. Efficiency can be defined differently for every business: - More top line revenue from better marketing/sales - More bottom line revenue from cost savings - The ability to sell a product to a new audience  - New products - The ability to attract and retain tope talent These all help drive incremental improvements.  External innovation activities not only generate further efficiencies, but provide new opportunities by connecting with established ecosystems like: - Entrepreneurs - Researchers - Accelerators at the ground-level of innovation - VC firms who have a birds-eye view - Large companies in adjacent industries 

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We've seen the greatest success with a dual focus on both internal and external innovation.  Internal innovation activities will focus on optimizing the core business to produce an increase in efficiency. Efficiency can be defined differently for every business: - More top line revenue from better marketing/sales - More bottom line revenue from cost savings - The ability to sell a product to a new audience  - New products - The ability to attract and retain tope talent These all help drive incremental improvements.  External innovation activities not only generate further efficiencies, but provide new opportunities by connecting with established ecosystems like: - Entrepreneurs - Researchers - Accelerators at the ground-level of innovation - VC firms who have a birds-eye view - Large companies in adjacent industries