Innovate, Ready, Aim!
Lately I’ve read some excellent articles and postings about innovating in tough economic times. Scott Anthony of just released his book Seize the Silver Lining: A Checklist For Innovation that talks about innovation being a competitive necessity, particularly in difficult times. The last ideaflow.com post by Justin Sutton offers examples of how down economies have been fertile grounds for industry-changing/industry-making innovation. And when speaking with clients and colleagues I’ve been on the “now’s-the-time” bandwagon as well.
But recently I’ve seen something that has caused me to stop and think. I’ve witnessed an almost frantic rush – not by all, but some – to do something “new” and “different.” A propensity to throw something, perhaps anything, against the wall and see what sticks. All in hopes of generating much-needed revenue.
I still believe we’re living in almost unprecedented times of opportunity when it comes to innovation – wise innovation, that is.
So with that in mind, I’d like to share a few excerpts from some past work I did with good friend and colleague Renee Hopkins on how companies can better understand upfront the what factors they must consider to make their innovation efforts successful. Essentially, by asking a series of questions, companies can avoid making mistakes and boost the chances of successful innovations.
Question #1: How well does this innovation effort fit our current organization? Although breakthrough innovations often come by *not* fitting an organization, they also require additional resources and/or different ways of thinking – things that the company should be actively recognize and address.
Question #2: Will this provide us with a strategic advantage, and if so, how much of an advantage and for how long? Answering this question will allow the business to consciously consider an idea’s potential return and decide whether it truly wants to move forward.
Question #3: Is there a demand for this innovation? Or said another way “Does this innovation address a need, either recognized or as yet unrecognized?” This question should help the company assess the amount of education and effort associated with launching an innovation.
Question #4: How might we pursue this innovation? Here, the company will need to assess whether it would be best to build, partner, or buy the resources and capabilities needed to execute the innovation.
Question #5: Is there a clear definition of success? The company should spend time identifying how to measure the innovation’s value, and whether it would be appropriate to use its current metrics and measurements, or create new ones.
Question #6: Will there be internal support for the innovation? Here the company should scrutinize whether it is capable of making any changes associated with pursuing an innovation, and whether it is willing to do so. This question should help it identify potential roadblocks, the activities to undertake in order to gain support, and whether the innovation is worth the effort.
Innovation at any time, but particularly now, should be well-thought through and be beneficial in both near and longer term. Hopefully these questions will prove helpful in making innovation a success.