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How Essential is Innovation?
This could mean implementing new ideas, creating dynamic
products or improving your existing services. Innovation can be a
catalyst for the growth and success of your business, and help you
to adapt and grow in the marketplace.
Innovation as an initiative drive leads to
which results into creativity and yields for healthy top & Bottom
lines.
It also leads into development of Intellectual capital in the form
of “Innovators” among the organizations assets.
https://youtu.be/pQXnCGl8hFc
Innovation- Be Innovative
Offer role models of corporate entrepreneurs that have succeeded in taking risks and are well
rewarded by the organization.
Offer a fall back position to potential corporate entrepreneurs: if you can somewhat reduce the
personal career risk of pursuing a potential innovation you will find more candidates who are
prepared to take the plunge.
Put potential and current corporate entrepreneurs in networks with each other. They need to hear
that others have difficulties too. They need to share in each other’s successes.
Many organizations have developed tools or questionnaires to ensure that risks are known and
well evaluated. And they build contingency plans to cope with the possible outcomes of risky
ventures. But any innovative project will also be confronted with unexpected and
unpredictable events. Organizations need to have systems to cope with these—flexible
responses and learning from these unexpected events are the key elements of success.
8 Principles Of Innovation
PRINCIPLE 4:
Stimulating Creativity
Innovation inevitably starts with creativity. Many of us
have some creativity and it is the organization's role to
provide an environment where we can dare to be
creative.
Based on research, we always emphasize the Five ideas
that, when put into practice, can help employees to
become more creative.
8 Principles Of Innovation
Five Ideas:
1. Non political groups tend to be more creative than the sum of the individuals.
2. We also know that exposure to information can stimulate creativity, though information
overload can stifle it.
3. Reward and recognition: in many cases the recognition is more important to stimulate
innovation than monetary rewards.
4. Pressure and deadlines can render us more creative, but only on condition that
management provides some direction in which to look for a creative solution. You don’t
become creative when you are imprisoned in a perfect prison. You only become creative
when you see a slight chance to escape out of the prison.
5. Many consultants offer tools and techniques to make you more creative. Many of these
tools do indeed help. Most of them are based on the observation that we are victims of
our education and past experience: we see a problem and we immediately search our
database of experience and lessons learned to see how to solve the problem. Many of the
tools and techniques that are available do help us break free from patterns. However,
once you have an insight it is often easier to develop your own system to tear down the
walls created by your experience and education.
8 Principles Of Innovation
PRINCIPLE 5:
Organizational integration of all departments
and services involved
Innovation is essentially an “enterprise of the enterprise”: it is a
risky effort for which the whole organization should assume
accountability. This organizational integration is a key concept
for innovation.
Innovation cannot be delegated to a development group, a new
business task force or a marketing department. The whole
organization has to take ownership of it.
8 Principles Of Innovation
PRINCIPLE 6:
Excellence in project management
Echoing Edison and other great inventor-entrepreneurs, success in innovation
requires 2% Inspiration and 98% perspiration.
Excellence in project management is the way to cope with this 98% perspiration.
Managing a project is about four major challenges:
Doing an excellent planning exercise, and putting in place the appropriate systems to
monitor deviations from the plan and controls for these deviations.
Ensuring that you manage well all the stakeholders in the project (both those that oppose
you and those that may support you in to benefit from the innovation).
Organizing the information flows: innovation projects need outside information and you
need to ensure that this information reaches the team, and finally
Having a great project manager who is sufficiently politically astute to get things done in
the organization and highly enthusiastic about the end result.
8 Principles Of Innovation
Innovation Projects:
There are two major ideas specific to innovation
projects. They are:
Idea 1: There are three goals to be achieved when you
develop a new product: you need to meet the design criteria
and reach a high level of design quality; you need to deploy
your resources in the most efficient way, obviously; and you
need to deliver on time.
Idea 2: The successful execution is heavily influenced by the
uncertainty in the environment. Many good ideas have been
derailed by unexpected events. Good project management
in innovation needs to develop systems to cope with that
uncertainty.
8 Principles Of Innovation
PRINCIPLE 7:
Information Management
If innovation is thought of as a production process, then information and
ideas are the raw materials to be transformed into better goods or
services, we need to ensure that the innovation team gets good access to
that information.