I was recently reflecting on the limited number of images used to depict innovation and the innovation management process. It seems that most articles, presentations and websites represent innovation using lightbulb images putting the focus and emphasis of the whole innovation process, it seems, entirely on the eureka moment - the lightbulb moment.
However,
There are many limitations to putting the entire emphasis of our innovation process on the idea creation part:
The above points relate to a common challenge that many organisations I speak to seem to experience - where to start their efforts to support their innovation initiatives. Should they start with developing an innovation strategy and align it with the overall business strategy or should they start by developing a culture of innovation within the organisation? Experience shows that organisations that are successful make innovation a priority, they commit investment and talent to it, and they have the skills to execute innovation projects translating them into commercial success.
However, recent Accenture's survey has found that 82% of organisations run innovation projects in exactly the same way as the "business as usual", regular operations. This seems to lead to different challenges - 72% of senior executives admit to missing crucial growth opportunities and 60% of them struggle to learn from past mistakes. Adoption of an innovation management model formalising the process and considering the organisational context is a good way to shape and support the application of innovation within an organisation.
The context part will include activities such as
The process part will comprise steps and safeguards for dealing with the "fuzzy" front-end ideation part, the selection and prioritisation of the "right" ideas, their funding and development based on risk and scarce resources available, their launch and commercial success while capturing lessons learned to make the whole process sustainable.
By adopting an innovation management model, organisations can embed a sustainable and systematic way of approaching innovation enabling creativity and supporting systems to coexist without stifling innovation pursuits leading to the anticipated overall benefits for the organisation.
Costas Chryssou
MBA, PhD
Founder and Managing Director
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