Stop gambling with the future of your company: take control of innovation

Three important prerequisites for successful innovation

Can you honestly imagine anyone saying: “We are relying on our product managers to have a Eureka moment” or “we are just waiting to get lucky”? No way! But yet, this is often reality when it comes to innovation.

Popular well-known products came about by some stroke of luck. Pure serendipity. The seeming abundance of examples on the internet conceals the fact that this is only an insignificant minority of innovations. Organizations can’t just rely on luck as their source of innovation. The future of a company must not depend on it. Moreover, it really is gambling with the future of your company.

Gamble-future

Companies must take control of innovation. Evidence shows that companies that are most successful at innovation have taken control by approaching it in an integrated and structural way. Here are three of the most important prerequisites for successful innovation:

First, companies need a reliable and continuous stream of innovative ideas that can be brought to the market at regular intervals. Having this pipeline of ideas in place, makes innovation much more predictable. Similar to managing customers through different stages of maturity in a Sales funnel, ideas are being managed from their rudimentary form, through concepts until market introduction.

The second prerequisite is that innovation must include the entire organization. It’s not just the job of the product managers or the Marketing department to generate these new ideas. It should be the job of truly everybody in the company: from the receptionist to the CFO. Innovation must not be the exclusive domain of a specific group of people. Involving everybody creates ownership and stimulates commitment. Furthermore, it helps generate more and better ideas.

Will everybody in the company just be thinking outside the box and freely brainstorming ideas? Even though this may generate ideas that have potential value, it leads to idea-anarchy. Constraining the process of idea generation is the third prerequisite for successful innovation. Adding constraints forces us to think inside the box, which makes us more creative and more innovative.

Regain control of your innovation. Adopt a structured and integrated approach.

 

© Ernst-Jan van Batenburg, FlyWheel Business


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FlyWheel Business, Accelerating Innovation.