Advanced Business Models Define Future Innovation Strategies

NEW YORK, June 14, 2016 /PRNewswire/ -- Today, innovation goes far beyond research labs and Silicon Valley pitch meetings. Given the breakneck speed of change in the business climate, fueled by the constant evolution of technology, corporations have an imperative to innovate or perish. 

NEW YORK, June 14, 2016 /PRNewswire/ -- Today, innovation goes far beyond research labs and Silicon Valley pitch meetings. Given the breakneck speed of change in the business climate, fueled by the constant evolution of technology, corporations have an imperative to innovate or perish. 

Emerging beauty industry executives in the Fashion Institute of Technology's (FIT) Cosmetics and Fragrance Marketing and Management (CFMM) Master of Professional Studies program presented global qualitative and field research on June 8, examining "The Future of Innovation." The research focused on infusing external points of view, as well as creating "best practice" models for internal corporate innovation culture. The research benchmarked ten industries, including technology, automotive, fashion, retail, and academia, across the U.S., China, South Korea, and Japan. Eighty qualitative interviews with global experts informed the work, with viewpoints from a diverse group of companies such as 3M, Google, and L'Oréal. 

Key Insights:

Predictions:

Recommendations

#1 The Innovation Ecosystem: A New Business Methodology. Comprising six key, interdependent components—the government, the non-governmental organization, the city, the academy, the corporation, and the individual—the innovation ecosystem is a new model for a global, interdependent innovation culture that mitigates risk, promotes curiosity, and uncovers groundbreaking ideas through collaborative partnerships. 

#2 The Innovation Blueprint: A New Corporate Innovation Model. This new model shifts focus from employee output to external partner input and delivers an incremental 18 percent ROI over seven years, based on three key components:

Video of the event, white papers, and infographics of The Future of Innovation research are posted for public view at fitnyc.edu/cfmm.

Contact:
Cheri Fein/FIT
+1 212 217.4718
[email protected]

Christy McCuaig/LVMH
+1 917 769.1690
[email protected]