Innovation is often divided into two different activities: exploration and exploitation. We usually think of innovation in its exploration form; seeking out truly new markets or products (think the then revolutionary Iphone from Apple). But we shouldn’t forget that there may be more opportunities close at hand in the exploitation category which builds on existing products and assets.
Two examples of exploitation begin with long established products: French fries and donuts. The products are so well known and so simple that you may have trouble imagining them as the source of a compelling innovation tale. But each was the progenitor of two new products: One was created to turn a profit out of scrap; in the case of the other example the innovation was necessary to have the product at all.
Maybe you’ll find something to “exploit” when you go to work tomorrow!
