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How can companies capitalize on the next big idea? The answer is in your culture of innovation.
“Innovate Or Die!”
Remember that phrase? It’s been haunting me ever since Peter Drucker coined it, back in the 1990s.
At the time, Peter was talking about the rebirth of the City Of London as a world financial center. Then came Clay Christensen’s epic story, The Innovator’s Dilemma, in 1997. It’s hard to forget the massive changes that killed companies missing game-changing transformations across many industries (think Digital Equipment, Sun and Nortel).
So how do companies feel about innovation today?
In a survey by PWC, over 1,700 CEOs agreed that innovation is one of the major drivers of organic company growth. Recently, Forbes Insights polled 312 executives, concluding that the potential for innovation is the strongest it’s ever been, thanks to technology advancements.
So the situation’s promising, right? Not really.
When you look deeper into the results of these surveys, you find that businesses still face some big challenges. In particular, they find it hard to identify the best ideas and execute on them.
So What’s The Solution?
I learned an interesting approach from a smart entrepreneur and best-selling author.
Deborah Perry Piscione and I crossed-paths after I’d read her last book, Secrets of Silicon Valley. I was taken by her admiration for my hometown and her keen understanding of what makes the Valley so “magical.”
But what intrigued me most was her pursuit for the unique recipe for continuous innovation. As Piscione puts it, “I want to help CEOs tap into the powerful creativity and entrepreneurship in their employee base.”
That sounded like an exciting mission.
Over the last two years, Piscione has explored the innovation challenges of the largest F500 companies. As basic and clichéd as this may sound, her first question to CEOs was...
“What Keeps You Up At Night?”
The answer? CEOs said they were most worried about not knowing how to find the next big idea in their employee base.
Tom Georgens, my CEO, is one of those leaders who wanted to know how to best make use of the ideas in his talented workforce.
Through dozens of interviews and years of research, Piscione started formulating what she calls Improvisational Innovation. She’s confident this methodology can enable companies to capitalize on the next big idea—as are many business leaders who are putting her cultural system into practice.
Cutting to the chase, here are the five key ideas in Piscione’s Improvisational Innovation:
1. Democratize The Ideation Platform
What you want to do is encourage great ideas to bubble up—from anyone, at any time.
Traditionally, inventors are rigidly defined and determined by the industry they’re in, but that culture can curtail anyone else from participating. But in an Improvisational Innovation culture, inspiration can come from anyone, in any role, in any corner of the company.
2. Adopt A Formalized Process For Execution—To A Specific Timeline
The inventor’s idea needs to move from concept to prototype and beyond. But success requires a complete understanding, from all involved, of what to do—and how long it will take.
Such a formalized process allows time for experimentation, additional staff support, financial investment, and accelerated implementation. It also publishes a specific schedule, so everyone is aware of it, encouraging efficient movement from idea to execution.
3. Ensure That The Inventor Has Access To The Right People
A great idea needs a great advocate.
A great advocate strengthens an idea, shepherds it throughout the organization, gets it to the right people at the right time, and is always on the hunt for a business unit to fund and prototype it.
4. Reward The Inventor
Recognition and reward is important. Not just for the inventors themselves, but also to be seen to be rewarded.
If someone brings you a bold bet that results in significant revenue increase or cost savings, as a leader, you need to visibly recognize inventors and their team. And when they’re seen to be rewarded, it encourages other potential inventors, in a virtuous circle.
5. Archive All Ideas—The Good And The Not So Good
Ideas that aren’t viable today might just be perfect in the future. So, unless your crystal ball is polished and clean, you’d better keep them on hand.
The Bottom Line
What more can your company do to thrive?
Don’t miss the opportunity to capitalize on the next big idea. Help your company find its innovation mojo. It’s a culture thing.
What's your take? Weigh in with a comment below, and connect with Annalisa Camarillo (Google+) | @lisaanna73 (Twitter).
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• 5 Ways To Innovate The Next Big Idea (It's About Culture) ~ @lisaanna73
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