Innovation is no longer on the list solely for start-ups but has become a strategic goal for senior leadership of small, medium and large sized organisations. However, professional service organisations, and in particular those in the legal industry, are struggling to match other industries in their stride.
Incubation of idea generation, that is largely innovation led, takes place outside the confines of incumbent firms and businesses, such as incubator spaces. However, the two cannot be separate; innovation by itself is insufficient. There must also be an incubation of new concepts, trialled in a constant and disciplined manner designed to achieve successful new business models. In many respects, innovation is a necessary, but not a sufficient, building block of incubation.
Ultimately, the innovators are thinkers; the incubators are the doers. Professional services industries need to embrace innovation led incubation, disrupt themselves, and deliver sustainable success into the future.
How I learned to stop building faster horse carriages and love disruption by Matthew Burgess addresses innovation-led incubation and value-based pricing. It deconstructs why and how business models of professional service firms are undergoing radical market changes.