Extended innovation can be crucial for companies as it enables them to stay ahead of the competition and adapt to changing market dynamics. By extending their innovation arm, companies can explore new ideas and technologies that can help them improve their products or services, enhance their customer experience, and drive business growth. By fostering a culture of innovation and experimentation, companies can create new revenue streams, enter new markets, and differentiate themselves from their competitors. Additionally, extended innovation can also help companies to identify and address potential risks and challenges before they become significant issues. Therefore, companies that invest in extended innovation are more likely to thrive in today's fast-paced business environment and maintain a competitive edge over their rivals.

To have an effective extended innovation team, companies need access to a diverse range of resources and expertise, including technology, market insights, and talent. This team should have the ability to think creatively, collaborate with other teams, and quickly turn ideas into viable solutions. Additionally, an extended innovation team must have a clear strategy and objectives aligned with the company's overall goals and vision.

Satellite companies can be instrumental in providing the resources and expertise required for an extended innovation team. These companies typically have a global presence, which allows them to gather valuable market insights and stay up-to-date with the latest technologies and trends. Additionally, satellite companies often have deep expertise in specific areas, such as artificial intelligence or cybersecurity, which can be leveraged by the extended innovation team. Furthermore, satellite companies can provide access to a diverse pool of talent, including engineers, data scientists, and designers, which can help to accelerate the innovation process. By partnering with a satellite company, companies can expand their innovation capabilities and access the resources they need to stay ahead of the competition.