I have been approached by many like-minded people from all lover world saying how much they like our proposition. Today innovation is no question the hottest topic but executives are generally disappointed in their ability to make innovation work or making tangible outputs or results. Even trying to infuse an organization with innovation is often far more frustrating than many can imagine.
There are no best practices in innovation. There are no best organization design or structure for innovation. There are no knowledge management systems or collaboration tools to make innovation less risky. There are simply no straight paths to innovation. Corporate cultures are one important driver of innovation and same as outside partners.
Our innovation experience convinces us that a disciplined focus on three fundamentals may produce the building blocks of more effective innovation. A first step is to formally integrate innovation into the executive planning agenda. In this way, innovation can be not only encouraged but also tracked, and measured as a core element in a company’s growth aspirations. Second, executives can make better use of external talent for innovation, people who bring proven tools and multi-disciplinary thinking. Bring them in as your innovation partner and have a formal innovation program that span across different business units and geographies.
Finally, identify leaders to help foster an innovation culture based on creativity and trust. In such a culture, people understand that their ideas are valued, trust that it is safe to express those ideas, and oversee risk collectively, together with their managers. Give them space to experiment.
Innovation remains one of the most poorly undertaken functions within the modern Fortune 500. Serious doubts continue about the innovative capacities of the large, diversified firms. Blame it on bureaucracy or organizational form. These challenges have long been recognized and researched by academics. Excessive hierarchies, lengthy decision-making, and resource allocation process are just some of the all-too-common features typically and frequently cited as being found in these organizations.
