Monetizing your innovation

It’s not really innovative until it’s proven in the marketplace and can scale.

 
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Synopsis.

We change the definition of innovation in our client organizations. It’s how we act in every project. We always strive to monetize the output in new revenue or cost savings.  

Innovation shouldn’t be an eye-rolling word that is left to one hidden department that just wastes money. Innovation should permeate the ranks of your organization and be a driving force to all business decisions. At Chinatown Bureau, we work with our clients to put innovation to work. Our strategies are meant to push the boundaries on what’s possible, but have a path to implementation that creates efficiency, drives revenue and scales. That’s why we call it “Monetized Innovation.”


54% of innovating organizations have trouble bridging the gap between innovation strategy and the larger business strategy.
— 2017 PWC Innovation Benchmark

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Approach

Our innovation approach starts with business strategy and ends with business results. 

We believe that innovation should be something that continually pushes a business forward. Not just cool ideas testing out new shiny technologies. We work with our clients to establish an innovation approach for their business. One that is rooted in curiosity as well as business results.


Concept to feature

Innovation is found in the process of finding and solving problems. 

The pathway to get to true innovation is through a myriad of questions and problems. We’ve found that the best way to solve problems is to continuously test ideas against the problem assumptions - gaining consumer feedback along the way. Our process allows us to start with a concept and continue to test and iterate with real consumer feedback until it becomes a key driver or feature for the business.

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Technology

It’s amazing what the right technology can do to an idea. 

We believe that technology isn’t an end in itself, but a means to accomplish something greater. The role of technology in innovation is to power an idea - not be an idea in itself. Yes, it’s cool to talk about AI, blockchain and VR but it’s even cooler to generate incremental revenue or find new markets to develop.


Implement & scale

Innovation in a silo does nothing for your business. A sophisticated implementation plan allows an idea to scale.  

Our approach to innovation is very pragmatic - if it can’t scale, why do it? As our clients go through our innovation process, we build cases and models for ideas and features to scale. We love a good pilot program, but we also love new opportunities for our client businesses.

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Our approach.

We ask the right questions. We work in sprints. We bring in the best people for the job.

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