why is innovation important?
Post on 14-Jul-2015
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Problem: Innovation can be frustrating, confusing, and ambiguous
If Richard Feynman, widely hailed as one of the greatest minds of the 20th century, feels like a stupid ape trying to put two sticks together when working on a new problem, then there must be something missing.
The answer is to develop frameworks for innovation that are separate from, although compatible to, normal company strategy.
Solution: Have a Process
• Innovation =/= strategy
• Strategy is clear and concise, innovation is messy
• Strategy is about achieving objectives, while innovation is about discovery
• The only way to ensure progress is have a process for discovery
The Three Pillars of Innovation
Competency: Every organization has its own history and set of capabilities which determine its innovation competency.
Strategy: Resource allocation is critical to strategy and therefore needs to be an integral part of aligning innovation to strategic objectives.
Management: Even the most competent
firm which deploys resources wisely
still needs to manage innovation
effectively.
Basic Research
• To discover something truly new, neither the problem nor the domain is well defined.
• Much of your time is spent no only brainstorming ideas, but identifying which areas should be focused on.
Breakthrough Innovation
• Even with a well-defined problem, organizations can get stuck.
• Tough problems are solved through synthesizing across domains.
• For instance, Watson and Crick solved the DNA problem by combining insights from chemistry, biology and X-ray crystallography.
• Many companies are learning to embrace open innovation in order to pull in diverse resources.
Sustaining Innovation
• Big companies, no matter what they do, always want to get better at it.
• Every year, our cameras produce more pixels, our computers get more powerful and our household products become “new and improved.”
Disruptive Innovation
• Disruptive innovation is hard because its value isn’t always immediately apparent.
• A growing trend is for companies to establish innovation labs, where they can test and learn without excessive risk.
Your Innovation Portfolio
• While focus is important, no company should limit itself to just one quadrant.
• Develop an effective innovation portfolio that has one primary area of focus, but also pursues other quadrants. Innovation is, above all, about combination.
• Innovation boils down to effective management, being able to infuse core principles into everyday operations.
With BrightIdea, you have all the tools you need to organize, manage, and execute your innovation program. Good luck!
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