The first ten steps on the path to corporate innovation

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The first ten steps on the path to corporate innovation

In order to effectively implement innovations in a large organization with a complex structure, you need to think about strategy and to think carefully about what works and what doesn’t. In addition, you need not fear to act.

To derive real benefits for the company from a private research laboratory is not as simple as finding the next new successful startup and use the results of the work of the best minds in the company. Harmoniously develop corporate innovation is impossible without careful planning and willingness to bring the case to the end.

The first ten steps on the path to corporate innovation

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Using this information, the innovation officer will be able to develop the right strategy that will enable their lab to become a valuable business asset and guide other divisions of the company for themselves.

The successful laboratory shall benefit and foremost you need someone who will set the momentum necessary to transform ideas into reality. Most often this person is more correct to look outside the company – so you’ll be more confident that your lab will not slide to easy product updates or will become a graveyard of good ideas that never be realized.

As a huge organization with a century of history to attract people who could find a job in a startup? Learn how to attract the best of the best startups and then emphasize that the startup can’t offer: the chance to influence the multi-billion dollar company, bonuses, competitive salary and the opportunity to work with different divisions of the Corporation, to better implement the innovation.

Use what is at your disposal, and learn what you did not know before.

Measurement is one of the main principles of a successful innovation strategy. Readiness assessment of innovation processes will help the company to identify key parameters of success and speed of implementation of innovative programs. In addition, management will be able to determine what divisions of the company before the others are ready to innovate, and which will have to close this process.

In addition to the team, which will develop, it is necessary to create a Council that will monitor the big picture and monitor the implementation of projects. To ensure a harmonious transition of the innovation into a final product, should be invited to the Council of representatives of operational and strategic departments.

The first ten steps on the path to corporate innovation

Photo: Pexels.

The innovation Council should have wide powers and have the resources to eliminate the unnecessary bureaucracy that so often interfere with corporate innovation programs.

Participate in activities that are not associated with your company. Need to Express themselves in the environment in which you work, whether industry, the city in which your business is located, or something else.

Sponsor events which bring together the developers of new technologies. Collaborate with other companies for exchange of experience. Work with startups on their territory. Appear where nobody expects to see and use this new experience.

When developers communicate with the management of large corporations, people can understand the same words differently. For example, engineers have developed the app, but so far this is only a prototype for further experiments. Maybe the team managers have never had to deal with prototypes, so they may decide that this is the finished product. Try to introduce clear all terms to insure against mismatch of expectations.

The whole point of large corporations is based on reproducible processes, and innovation hubs should not be an exception to the rule. Like the great artists who through their creative process could produce one masterpiece after another, corporate innovation must obey the rules. Otherwise, you will just have to hope that a miracle will happen and a brilliant idea will appear out of thin air.

The first ten steps on the path to corporate innovation

Photo: Unsplash.

You need to debug the process of finding new ideas and opportunities, construction and testing of prototypes, as well as funding for future products and services.

Innovations happen not because you were pushed into a room of smart people. Innovations happen when you’re experimenting, check the product for future customers and analyze the data. Creating minimum viable products (MVP), the laboratory can test their ideas, get feedback and quickly improve the product. MVP may have a very limited set of functions, but needs to address key customer issues. Thus, it helps reduce costs and risks of a particular project.

Ideas can give you a variety of people: customers, owners, partners, managers and employees. One idea can beget another, they in turn spawn even more ideas and these ideas help to solve problems for millions of dollars. An important part of the strategy for the development of innovation – clear plan for testing ideas and prototyping. If a good ideas will not be found application, about the innovative plans can be forgotten.

Funding will only get the ideas, the feasibility of which is proved. Even if you created a cure for cancer, but nobody told and showed it in action, no one will support your efforts. Discuss the benefits of corporate innovation inside and outside of the company. Tell us about the metrics that will be used by your lab to evaluate its effectiveness. Explain how your goals will help to achieve the global goals of the company.

A successful corporate innovation must simultaneously follow the plan and retain flexibility. Planning and preparation are extremely important, but good results cannot be achieved without proper implementation and ability to adapt to the circumstances. You need to pre-allocate resources for the successful operation of your team, and it will bring lasting benefit to the entire company.

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