Are you an explorer or an exploiter?
I am in the process of looking at new services for Berkeley to offer our clients on an international level. It reminded me of a question I believe every management team should ask itself if it doesn’t want to stand still.
Who is in charge of exploration and who is in charge of exploitation?
Exploration is the role of finding a new product or service to offer and exploitation is who will take this and drive it forward?
The challenge is to do both at the same time. In my opinion the same person will struggle to do both and you should consider creating a team who will work together well but give different people the role of leading on each of these important roles if you want to create a new product that will make a difference.