Building a Culture of innovation
Innovation Builds a Virtuous cycle of Value Creation:
We innovate to create a virtuous cycle of value for our customers.
Value created by innovation leads to business growth and long term business viability.
Innovation Lynchpin is Market Fit, not Product-Solution Fit:
Successful innovations are measured by market fit, not product fit.
Innovation idea must pass through three gates:
1. Product fit
2. Business fit
3. Market fit.
A great idea that does not have a great market fit is not a great innovation.
Build it and They will Come is NOT a Successful Innovation Strategy:
No innovation process starts without a focus on a specific target with a viable market.
Great product ideas are easy to come by but great market fit ideas are not.
99.9% of us are not Apple
Build Cultures of Innovation, not Disruptive Innovations (mostly!)
Building a culture of innovation is more important than trying to find THE disruptive innovation.
A culture of innovation is built around innovation (continuous improvement and value creation) as a core organizational trait.
Innovation is an ongoing process, not a one off project.
Innovate but DO NOT Neglect the Core:
Innovate yes, but not at the expense of the business’ core.
According to Christiansen’s innovator’s dilemma, 40% of a business’ time and resources should go against innovation.
Remember, much of the value created through innovation will eventually become part of the core.
Innovation is NOT Magic:
Businesses need to demystify innovation.
Innovation is a structured process, marked by specific tests and milestones to ensure the highest probability of success.