Top 10 Tips for fostering Innovation

Generating and implementing new ideas is essential for survival in business. Innovation is the catalyst that stimulates new thoughts. Successful organizations build innovation as a foundation in their culture. Promoting a passion for collaborating to build innovative solutions is critical. Attached is a capability map for Innovation in pdf format.

10. Focus your products/services, on offering/enhancing value for the customers to complete “jobs”. Customers must be willing to pay for the value offered.
9. Decompose customer jobs into respective processes, capabilities and explore “key moments of truth” that can be improved.
8. Build customer intimacy and look for inefficiencies. Challenge “status quo”. Imbibe a “cycle of continuous improvement”.
7. Explore “reverse innovation” – solving customer pain in emerging markets with early adopters; build, test, learn then expand to other global markets.
6. Encourage, promote, reward innovation with formal venture planning processes across the value chain to source, fund, develop, productize, monetize and share ideas throughout the organization.
5. Allocate time for experimenting across all levels within the organization.
4. Promote working with limited resources/constraints; it breeds innovative/creative solutions.
3. Explore new business models applying new and existing technologies to form new solutions.
2. Enhance collaboration within departments, between departments and between companies and partners. Engage stakeholders.
1. Foster an entrepreneurial culture of taking risks, dealing with ambiguity, failing fast, learning and moving on.

Reading Reference – Inspiring and Executing Innovation – Harvard Business Review

Innovation Capabilities

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