- Leadership vision and support
- Smart funding and entrepreneurial culture development
- the difference between capturing an opportunity and losing ground
- with incentives that reward smart risk taking, timely decision making, and positive business impact
- to have more resources and options to evolve the organization and make good on opportunities
- Ability to develop, test, and learn – Fast
- Be sophisticated with metrics to quickly –
- scale / deploy – the periodic high potential opportunities
- abort / terminate – the many projects unable to meaningfully improve outcomes
- Refine / expand the Innovation Team
- with forward looking employees and external Innovators
- to have more ways to scope and assess opportunities
- for more options to improve business outcomes
- Monetize value creation
- with additional revenue and market presence plus competitive / business advantage
- by increasing market share, growing current markets, expanding into new markets
- to meaningfully increase corporate value, appeal, and opportunities
- Manage the risks associated with change for Incremental, Sustainable and Disruptive Innovation
- Iterate the process with refinements based on lessons learned, strategic objectives, business opportunities, etc.
See the following for additional insights on how enterprises are innovating to improve business outcomes –
“Success today requires agility and drive to constantly rethink, reinvigorate, react and reinvent.” – Bill Gates
“If everything seems under control, you’re not moving fast enough.” – Mario Andretti
“It’d be interesting if corporates concluded they weren’t good at some kinds of innovation, and they need outside help…. We’ve used outside parties to help us get smart about markets, and we’ve used some design consultancies to help us with capacity. Our approach has been trying to plug capacity, skill, or domain knowledge gaps.” – Sean Belka, SVP and Head of Fidelity Labs, Fidelity Investments
“Leadership support is clearly important. So is the ability to test and learn and getting access to customers who want to engage. Finding a customer that has the same problem as many other customers is a huge enabler to innovation. Everyone has those customers who love to fix things.” – Brent Stutz, Chief Technology Officer, Cardinal Health
“The biggest obstacles are corporate politics and turf battles. Any time you start something new…there’s a potential for people feeling like you’re in their backyard…How are we going to get people aligned on a big change operationally, when the core has already had a lot of success? A lot of past success is a challenge when you see the threat coming.” – Michael Britt, SVP of the Energy Innovation Center, Southern Company
“Large companies often say they want to act like a small company. But small companies aren’t trying to pay people dividends, or satisfy the analysts today…You have to look across the enterprise, and think about innovation in process, brand, mindset, communication, and how you do business.” – Colette Matthews, Global Head of Innovation, Whirlpool
“For GM, self-driving vehicles is transformational….However, automotive development cycles typically foster a greater focus on ‘incremental’ business innovations…One way GM uniquely tackled this dichotomy was through our acquisition of the autonomous driving startup Cruise.” – Frankie James, Managing Director, General Motors Advanced Technology Silicon Valley Office
“I don’t see enough companies investing in champion networks….In creating networks, I’ve intentionally found people in product, legal, pricing, marketing…they weren’t always raising their hands, but we said, who in those departments should we recruit? Champion groups are a force multiplier if your budget is small.” – Shannon Lucas, Head of the Emerging Business Unit, Ericsson
January 2019 – CAIL – Innovation Insights info@cail.com