In a 2017 Harvard Business Review article, Anna Steinhage, Dan Cable, and Duncan Wardley talk about the impact competition can have in a workplace. They described how hosting an internal challenge can generate creative results and inspire collaboration or it can create unethical behaviors and cutthroat rivalry.
The whiplash journey of Mattel’s beloved kids’ toy range perfectly sums up the fundamentals and key challenges of managing continuous, successful corporate innovation.
Every year, IdeaScale hosts innovation leaders and creative thinkers from around the world in a global summit that shares innovation best practices. These leaders share success stories, failures, challenges, and solutions as they get to know each other so that they can call on one another throughout the year (long after the event is over).
As innovation professionals, we too often look for inspiration from organizations such as Apple, Amazon, Tesla, Spotify, Google, etc. Cultures within these businesses are encourage transparency, experimentation and autonomy resulting in engaged workforce of the best and brightest minds, pumping out game changing products on-schedule, on-budget and on-point. We want that for the organizations that we support. We want to drive those behaviors.
Every year, IdeaScale convenes a gathering of innovators from all over the world who share their best practices in managing and delivering on new ideas.
The key to innovation success is simple---innovation is nothing without exploration and exploitation.
Measuring innovation is one of the most ambiguous tasks when engaging in innovation management. Because of the complex nature of innovation, finding the right metrics is far from being simple.
We’ve heard it time and time again – 90% of startups fail in the first five years of operating. Bad financial decisions, a poorly designed business model, a wrong product for the market, financial mismanagement, and bad timing are just some of the most commonly cited reasons why some businesses never manage to pass the five-year threshold.
Starting up a small business can be rough. Even if you possess near-infinite entrepreneurial spirit, chances are that you’ll run into some roadblocks along the way. Whether these obstacles are based in logistics of strategy and implementation of your business model, or even issues with the very products and services you offer, most of these problems can be solved with financial influx.
Over the past few months I have been spending time with a range of Australian companies, getting to better understand their business models and approaches to innovation. While there is plenty of good news for Australian businesses and their innovation practices (see my previous article), there is a justified sense of concern around maintaining sustained, robust growth in the face of digital and exponential disruption.
What the Australian Economy Gets Right About Innovation; and Lessons for Other Countries (Part 1 in series)
Over the past few months I have been spending time with a range of Australian companies, getting to better understand their business models and approaches to innovation. After working with US / European organizations for many years, it’s been refreshing to see the actions and impact of innovation in this market.
It hurts to fail. The feeling of defeat can make even the hardest of workers feel worthless. It’s hard to face the reality that your work or dreams won’t live up to your expectations, and giving up might seem like the next step. However, failure teaches important lessons, and though it seems contradictory, it can often lead to success. Failure gives you the necessary experience you need to improve, but more importantly, it teaches you to get back up.
As the examples of successful use of crowdsourcing to address complex technical, business and social issues grow in numbers, so do the instances of failed crowdsourcing campaigns. To make crowdsourcing a widely recognized idea-generating and problem-solving tool, it’s imperative to understand the reasons of why this tool can fail or underperform.
This article provides a personal perspective to the ongoing evolution of corporate innovation efforts, along with an overview of how some past mistakes are being repeated.
Innovative and forward-thinking companies are successful because they have new, exciting, and useful products or services before others and consumers take notice of companies regularly producing the next big thing. These companies are more effective and they can grow more rapidly because their company culture encourages innovation among their employees. A company of “intrapreneurs” can quickly become a successful and noteworthy company.