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.

Resources