Five Things Needed to Manage Innovation
Sometimes I wonder whether innovation actually can be managed. If this is the case, I wonder why the return on investments and the innovation output is so low at so many companies.
Could it be that innovation is more about luck and timing than ever before? The reason for this being the fast pace of change that we have in today’s world of business.
Well, I do believe that innovation can be managed, but it does require more focus on things we did not emphasize that much just five years ago. This includes:
- Expect and plan for the unexpected to happen
- Develop an agile organization (more important than ever)
- Set the right conditions and the right framework rather than just telling people what to do
- Reach outside your organization and bring internal and external resources together
- Get rid of people (managers, employees, board members etc.) that do not the get the above
This is meant to be a discussion starter. What would you add?
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Stefan Lindegaard is a speaker, network facilitator and strategic advisor who focus on the topics of open innovation, intrapreneurship and how to identify and develop the people who drive innovation
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Be aware. Stay current. Know your competition and follow market activities with fervor.
In practical terms we do this by tasking one person on our team to collect and share market news each week. It keeps us up to date as a company so we are as ready as we can be and in position for what’s coming next.
That said, I fully agree with your first point – expect and plan for the unexpected to happen. So true!
Develop and cherish a collective vision; not some kind of strategy document developed by the management team, but a true aspiration that is shared by all in the firm, answering the question: what are we aiming for? This needs to be something that really matters to all.
Good list – Can I add
Adapt to Change – I think Darwin hit the nail on the head when he said…
“It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change.â€
Innovation is the path to open new market, to the world of existing products.
For which we require proper study of requirement and off course work-ability of that product..which we are looking in the market to develop. this will give a proper picture where the path leads us.. and depending upon that we can focus to promote the new product. I agree with the adaptability to change attitude.