Chapter 4- Internal Xternal Growth

Question 1

What is internal growth

Answer 1

Internal growth strategies involve innovation effort that are mostly incremental in nature - by definition internal means create new value that optimises existing business model. Innovation programs like internal brainstorming, internal crowdsourcing etc are tapping to internal staff and their inherit company assumptions hence ideas are general more incremental in nature.

External growth Strategies involve innovation effort to explore potential new business models. Innovation programs like external intellectual property, external brainstorming (ie Design Thinking agencies like IDEO), external crowdsourcing (eg hackathon) etc are tapping to new mindsets and have no inherit company assumptions hence ideas are general more transformative in nature.

Question 2

What is external growth

Answer 2

Internal growth strategies involve innovation effort that are mostly incremental in nature - by definition internal means create new value that optimises existing business model. Innovation programs like internal brainstorming, internal crowdsourcing etc are tapping to internal staff and their inherit company assumptions hence ideas are general more incremental in nature.

External growth Strategies involve innovation effort to explore potential new business models. Innovation programs like external intellectual property, external brainstorming (ie Design Thinking agencies like IDEO), external crowdsourcing (eg hackathon) etc are tapping to new mindsets and have no inherit company assumptions hence ideas are general more transformative in nature.