Faculty
Mining equipment company Epiroc stays relevant by adding valuable features to existing products.
LEGO’s journey from market leader to the brink of bankruptcy and back yields valuable insights for companies seeking to revitalize mature products.
At Automation Fair, senior lecturer David Robertson explored LEGO's journey and shared valuable lessons on managing innovation effectively.
"Honor and respect your core business but think about what else can you do with it."
High prices have driven a "big secondary market for Legos." The scarcity of some mini-figures has made them "a great investment."
"Lego's fundamental business model is buying ABS plastic for about $1 a pound and selling it back to us for about 50 times that amount."
There is considerable buzz around disruptive, revolutionary innovation—we’re constantly told we need to do more of it, in every part of our business. But what do you do when you have an existing product in an existing market that is being challenged? How do you revive those products and restart growth? This program is designed to help you innovate around your existing products to make them more compelling, useful, and valuable.
Design thinking is a powerful process of problem solving that begins with understanding unmet customer needs. From that insight emerges a process for innovation that encompasses concept development, applied creativity, prototyping, and experimentation. When design thinking approaches are applied to business, the success rate for innovation improves substantially.
