Five years after its publication, the influence of Blue Ocean Strategy, by W. Chan Kim and World Business Forum 2010 speaker Renee Mauborgne, is still growing. If you've been wondering when entire sovereigns would get around to adopting at least variations on the Blue Ocean Strategy (BOS) theme to get themselves out of intractable problems, well, wonder no more.
Malaysia has announced that it will incorporate BOS elements into its 10th Malaysia to help it "face the ever-intensifying challenges of globalisation, particularly in meeting the objective to transform Malaysia into a developed country in the next 10 years." And Stateside, Stephen Moret, the Secretary of Louisiana Economic Development has made BOS a cornerstone of the state's effort to transform itself into an industry and job magnet. School districts may be the next BOS advocates. It's amazing how BOS thinking about competition has taken hold. The underlying concept has been around for as long as enterprise has; apparently it needed the right vocabulary and the right messengers, in this case Kim and Mauborgne.
And if you don't know BOS, the concept is simple enough...stake out market territory that is in uncharted space (blue oceans) rather than trying to out-compete in crowded spaces (the red oceans bloodied by competition). Well, maybe that's too simple. Mauborgne can explain it better--here she is in her own words from her last visit to WBF.
So after every business and government that can have adopted BOS, who's next? That's right...law firms. Stay tuned.
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