The innovation mix is about managing the 3 different sources of innovation in a way to; a) improve the innovation success rate while, b) reducing the innovation risk. The 3 sources of innovation for the mix are:
- Organic InnovationOrganic innovation is the innovation that results from the resources (people, time and money) from within an organization.
- Innovation from M&AInnovation from M&A comes into the organization via some form of acquisition. These can be entire companies/teams or the acquisition of IP (e.g. patent purchases)
- Co-InnovationCo-innovation is the approach where you define a join effort (money, people, etc) with another organization where both would greatly benefit yet neither can do it alone. This is NOT the same same as “joint R&D”.