With the goal to meaningfully improving outcomes from innovation, the recommendations are to have a culture with the following qualities based in the leadership group and extending throughout the organization –
- Encourage creativity
- Empower people
…. for more options to realize potential – theirs and the organization - Have an organizational structure that encourages entrepreneurship and new thinking
…. and move away from the traditional pyramid structure that tends to stifle experimentation - Setup “ Innovation Cells “ with small groups to facilitate people expressing themselves openly as well as to explore and nurse new ideas
…. to improve quality of ideation and pilot projects as well as to fast-track learning and being more open minded to opportunities.
In the Innovation Cells have a –
A. “ Trends Group “ of a few people who search the world for new ideas and talent in your industry, adjacent industries, the technology sector and creative communities.
B. “ Research Group “ that does several major projects each year that could meaningfully improve outcomes with new technologies, solutions, concepts, capabilities, etc.
C. “ Strategic Innovation Group “ that periodically does an important project with a Partner to create a new capability that could be a differentiator in –
– expanding opportunities, competencies, revenue streams, etc.
– improving operational capabilities, performance, efficiencies
– achieving competitive advantage
– reducing risk
– redefining the business and/or the industry
To be better positioned to innovate for impact as indicated by the following and other Examples of Innovation in Enterprises:
- Cirque du Soleil expanding innovation by partnering with Microsoft to develop augmented-reality smart glasses (HoloLens) to enable Directors visualize a stage before building it.
- Ford investing heavily and partnering to accelerate being a major player in electric vehicles and changing the transportation industry – with a 3X stock price increase between Oct 2020 and Dec 2021.
- Chipotle making a pre-pandemic decision to add a second kitchen in their stores, improving processes, and expanding digital sales that has resulted in the stock up 5X since 2018.
5. Be agile
6. Know what’s important
7. Be tenacious and the conviction to act with incomplete information
8. Have strong look ahead insights / skills
9. Think big
10. Start small
11. Align corporate strategic goals with innovation initiatives, priorities, competencies, compensation, etc.
12. Include internal and external people in important innovation projects
13. Develop the “ Innovation Mindset “ with a culture of curiosity and accountability
14. Create new value, make lives better, build a valuable brand, and meaningfully contribute to purpose and ESG initiatives
15. Make it rewarding – intellectually and financially – for all stakeholders, associates, partners, customers, etc.
16. Leverage these attributes to attract and retain top talent
17. Periodically –
A. Assess Opportunities
– Where is the money going to be ?
– What new capabilities have high value ?
– By growing current markets, in new markets, etc.
B. Update Corporate Strategic Goals to
– capitalize on new opportunities to leverage core competencies
– create new value with new capabilities and creating synergies
C. Determine
– What’s needed to meaningfully improve outcomes
– What and how Risk is changing
– How to change / evolve the business model
…. with what’s needed to adapt to the evolving business landscape and rising User expectations
D. Review business innovation objectives and the new competencies needed to innovate for impact
…. based on a combination of “ Process and Predictability “ + “ Insight and Inspiration “
E. Determine the relevant metrics needed to assess progress on – the above, the value of learnings, attracting and retaining top talent, becoming a more entrepreneurial organization, increasing digital sophistication, ability to recognize potential / monetize value creation / make good on opportunities, etc.
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