What methods do you use to measure the results of your innovation efforts? Do you count the number of things your innovation team has worked on, or the number of new ideas they generate? How about the number of new product introductions they have made?
Although it may sound obvious, it is important to understand what innovation means in the context of your organisation before you start trying to be innovative. You’d be surprised at the number of innovation groups I’ve worked with who can’t actually articulate what innovation means to them. They then wonder why they seem to have poor success driving outcomes their stakeholders really care about.
One of the most controversial words used in business today is “disruption”. Without fail, this is a word so charged with alternate interpretations that its use clouds any discussion almost immediately.
Failure is a fact of life for innovation teams, and rates of 80% or more are not uncommon.
An innovation programme has, on average, 18 months between the time it’s started and its cancellation. Most such programmes are cancelled because the innovators involved haven’t connected themselves to results quickly enough.
Once you’ve decided you need an innovation programme, one of the things you’ll be spending quite a bit of time doing is hiring the people you need to create new stuff.
Microsoft founder Bill Gates today gave a speech at the Davos forum, saying the global economic situation is actually quite active, and continuing innovation in the future will become brighter.
A lack of focus: You have to be aware of your surroundings in order to have successful inventions. Don’t focus completely on inventing, but when you go through the day you need to be able to notice when you see something that could possibly be a problem to solve with an invention. I carry around a journal where I can write down my thoughts. This journal also helps tangibly remind me to think about inventing, which is what a good inventor has to be able to do.
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