Many companies are introducing Innovation as a Service, which means an internal group acts as a consultancy that can solve problems for business owners. These innovation teams bring a number of skills to the table, including research, communications, project management, networking, and much more. Many have also adopted a “proudly found elsewhere” solution approach, which uses crowdsourcing to ask the entire workforce---or even beyond the walls of the organization---for solutions to existing problems.
Crowdsourcing and open innovation initiatives are vital by bringing vast stakeholders together to share ideas on complex problems and opportunities. Much of the focus is set on engaging the crowd yet deciding which ideas to take a risk on requires data on the likely impacts and costs.
Human-Centred Design has served us well as an innovation strategy over the last decades, making things better for people and more profitable for business. Today there is growing and widespread concern about the impacts of all this innovation on a third ‘P’ – the Planet. To innovate for a sustainable future we must transform our model from Human-Centred to Humanity-Centred Design.
Before being acquired by Facebook for US$1 billion, Instagram was just another photo-sharing app operating with insignificant infrastructure and a dozen employees. With the ever-increasing potential of modern technology, the next billion-dollar business could start from the comfort of someone’s home. To stay on top, established organisations need to stimulate innovation... and that’s our topic today.
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.
How can those at the top ensure they and their organizations are fit for the future? Perhaps the biggest challenge facing leaders today is to ensure they are capable of navigating themselves and their organizations through a complex and rapidly evolving future landscape. The reality is becoming clear, a good future focused leader has to have a “futurist mindset”.
Business innovation benefits business owners and consumers alike. It helps grow competitive advantage in saturated markets and time and time again have proven to be financially lucrative and socially inspiring. It's crucial to any organization's long-term success and especially hard to scale and maintain.
In the context of business management and economics, innovation has mainly been considered as a source of profit and growth. But innovation can also have a transformative role and recently more and more innovators and entrepreneurs are not only considering the financial returns of their projects, but also the societal impacts that they might bring with them.
Innovation is an integral part of many organizations today, and for good reason: it helps companies stay agile, relevant, and evolving. However, innovation is often difficult to achieve—or is even met with resistance.
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.
Here’s a spoiler: 90% of all startups fail. The 10% that make it have one thing in common - they all are bringing in innovation through sustainability. These startups are all about evolving by providing faster results with less wastage. It’s a never ending process of innovating for the present and future generations.
One of the biggest challenges to innovation is the middle part of the process - where most of the work is happening behind the scenes. As your innovation campaign progresses, you must continue to instill excitement across all team members, and find ways to reengage them as advocates. In this case study, we’ll examine how Dick’s Sporting Goods engaged their employees in product development and effectively encouraged them to participate in their innovation community.
When it comes to implementation there are three things that companies ought to be thinking about in order to maintain a competitive advantage: process, feedback, and the importance of having multiple stakeholders from the beginning. Learn more in this Open Innovation Guide from IdeaScale.
Embracing an intrapreneurial mindset, which intentionally disrupts things from the inside out and often from the bottom up, is a radical concept for companies that thrive on stability and predictability. However, if an enterprise is committed to developing its innovation capability through intrapreneurship, three groups of people must be mobilized to make it happen: leadership, stakeholders, and innovation support.
Many executives talk a lot about innovation, but they don't really know how to make it happen. A corporate innovation team asks themselves: How do we "educate" our executives on innovation management and develop stronger corporate innovation capabilities together?