The Innovation Ambition Matrix
In a previous post, I briefly mentioned the Innovation Ambition Matrix by Bansi Nagji and Geoff Tuff. However, because of its usefulness, I feel that it is worth discussing in more detail.
The Innovation Ambition Matrix is a tool that helps you map out your current and future product ideas. It categorizes them into three groups: Core, Adjacent, and Transformational initiatives.
Core innovation initiatives are projects that you are currently working on. The goal is to make incremental changes to existing products to ensure they continue to grow. An example of this is Instagram, which launched several new features in 2022, such as:
3D Avatars
Enhanced tags
NFTs
Auto-generated captions for reels
Dual features and a new Instagram reels template
Instagram subscriptions
Adjacent innovation initiatives involve expanding your existing products into new markets or creating new products for existing markets. The aim is to help you scale beyond your current offerings. For instance, Airbnb's Experiences is a new product for an existing market. It provides travelers with activities hosted by locals in the areas they're visiting. On the other hand, Jira Next Gen by Atlassian is an existing product that targets a new market. Jira is typically for project teams within the technology industry, but the Next Gen version is for all project teams.
Transformational innovation initiatives refer to new products that don't yet exist in your portfolio but target new markets. These are innovative ideas that typically take three to five years to launch. A prime example of this is Uber Eats, which is now a delivery company for takeaway food, in addition to its ride-sharing services.
The idea is to have products within each of the three different initiatives, Core, Adjacent and Transformational, to ensure the continued growth of your products and your business.
The innovation ambition matrix
