Every organization needs to innovate. Here at Third Thought we often use the Three Horizons Model (McKinsey) to frame an innovation strategy. Every organization ought to have a portfolio of innovation–from improving today’s execution to developing seeds for the future. And, more importantly, we believe that every leader should manage a portfolio of innovation efforts across all three horizons.
Horizon Three: Seed Spot and champion new possibilities
Horizon Two: Commercialize Transform new possibilities into viable opportunities
Horizon One: Core Maximize margin of viable opportunities
Regardless of your function, whether you work in the R & D labs or manage current operations, there are opportunities to explore and innovate in all three horizons.