What do “ Business Innovation “ , “ Digital Transformation “ and “ Venture Investing “ have in common ?
It turns out – lots !
For example, all are expected to meaningfully improve outcomes with –
- Higher sales / bottom line
- Expanded revenue streams
- Being good at identifying, scaling and monetizing value creation
- Providing opportunities and a rewarding environment for Associates
- The ability to better manage the changing nature of risk
- Above average financial returns for stakeholders
- Have a “ Portfolio Strategy “ with high quality projects / initiatives
- Better position the organization to benefit from change
- Increase organization appeal to attract and retain top talent
- Be a more agile, entrepreneurial and opportunistic organization
As well, the 3 disciplines have many of the same challenges – that if not addressed, frequently lead to failure.
With the challenge many people and organizations have with –
A. Meaningful change
B. Learning fast and adapting
C. Knowing how to approach, assess, structure, etc. new situations
D. Digesting, understanding and assessing many facts, trends, human nature, etc.
E. Getting outside comfort zones and established processes
F. Getting past personal blind spots, biases, etc.
G. Developing strong “ Look Ahead “ skills as well as new thinking and proficiencies
H. Selecting the best opportunities – from all possibilities, not just what is known in the business / industry or based on tradition
Because of the nature and number of these challenges is why failure is frequent.
Further, like with any attempt to “ Do the New “ – even in nature – failure is integral to success – including “ Business Innovation “ , “ Digital Transformation “ and “ Venture Investing “.
The trick is to have the mindset, openness, awareness, and competencies of how to turn potential or actual failure into advantage – including how to mitigate or recover from a disappointing result.
To better position enterprises to meaningfully improve outcomes and become good at “ Doing the New “, it’s important to engage with those who are entrepreneurial with strong business and technology capabilities having an external perspective, shared values, and mindset. By recognizing these attributes are very rare in enterprises, is why effective leaders include external people with these qualities in a team with forward looking, ambitious, and highly competent internal personnel. This is a critical strategy to much better position the organization for success with a “ Team “ having different and complimenting skills, aptitudes, personas, etc. This is essential to improve look ahead, be better at managing risk, and being able to effect change – to increase the probability of achieving the desired objectives – versus getting another very expensive education !
To help assess being “ future ready “ by “ Innovating / Transforming / Investing for Impact “ – what more can your organization do better leverage internal and external competences to have the mindset and get past the challenges ?
If interested in sharing insights or learning more, send a message to firstname.lastname@example.org or call 905-940-9000.
Mar 19, 2021 CAIL Innovation commentary