The blue ocean strategy was developed by Professor Kim and Renee Mauborgne of INSEAD Business School. Why is the Blue Ocean Strategy Important?.Stage-Gate Process: Your Guide for Developing New Products.Report: Implementing Open Innovation to Drive Creativity inside Companies.Starbursting Technique: Evaluating New Ideas.Decision Matrix Analysis: How to Make the Right Decision.However, this requires a broader strategy, such as the Blue Ocean Strategy. These types can help companies to penetrate the market. In the previous article, Types of Innovation and How to Utilize Them, we explored the different types of innovation from size aspect ( incremental, disruptive and breakthrough), place in the organization ( 10 Dublin Types of Innovation) and nature ( Open innovation and close innovation). Here, the Blue Ocean Strategy stands out as a strategy to achieve innovation. Various studies and practical case studies show that the only innovation is the solution for this complicated equation. As such companies have limited financial and human resources, these conditions leave them a limited window to penetrate the market. The challenge factor is magnified for new companies as they try to find a value proposition that allows them to have a place in the market. One of the biggest challenges that face today’s companies is market competency.
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