A Company that systematizes innovation, makes it an intrinsic part of its DNA and its culture.
The Corporate Innovation Academy
The online platform for you to build innovation management skills, network, and create the innovator you're meant to be.
Innovation is a strategy for survival. Many businesses realize that sustainable growth and competitiveness rely on the generation of incremental improvements or increased efficiency, while others pursue disruptive innovation or fundamental innovations in order to stand out from their competitors and gain market share.
Corporate Innovation is the process of enterprises implementing new innovation opportunities into existing business models. Established companies who engage in corporate innovation typically have a dedicated team towards innovative activity and nurtures an innovation culture by combining Discovery, experimentation, and execution.
Innovation is the engine of progress, but only if it can be sustained. Too often companies make significant investments of time and money creating innovation capabilities- but fail to maintain them. They introduce new programs, strategies, or processes that are not managed effectively which causes them to wither on the vine. In this post, we have created a framework to help you work through the process of corporate innovation. We hope these recommendations can help your team tackle innovation from start to finish.
Innovation is a team sport.? Innovation can’t be restricted to an isolated corner of the company but needs to invade every single working area and process across your entire organization. And most importantly, it requires a certain mindset from everyone who works at the enterprise in order for innovation initiatives to thrive and succeed all along the way towards tangible results.?
To build a culture where innovation is a top priority is important to create a safe environment that embraces uncertainty, balance cultures (How to apply innovation risk management in core risk-averse environments globally) and help executive leadership understand and embrace an innovation mindset
Implement frameworks that will allow your teams to build innovative ventures fast and efficiently
Leverage your time, talent, and treasure (money) into creating a product or service that addresses a need, not just for revenue but to impact millions of people around the world.?
De-risk failure and fear in your teams to ensure the path from idea to scale.? Invest time and energy into moving past your “idea” and leverage the framework for creating solutions to market regardless of what industry you are in.? Now you can test the value, viability,? and scalability of an idea without significant up-front capital.
Track your innovation results and metrics. Enable project-level metrics into board-level KPIs to help company initiatives assess the impact of their innovative efforts. Look at your conversion funnel with an open mind to find opportunities for improvement.?
A structured approach to innovation portfolio management is needed for corporations today. Use this strategy to deploy new technologies or management techniques into your company to make the next big innovation leap.
The innovation portfolio management use techniques derived from venture capital and modern portfolio management theories applied directly to corporate ventures. You will have to create comparability between different assets, use metrics and KPIs to Allocate Resources Efficiently, and Balance your Portfolio to minimize risk and maximize profitability.?
The corporate innovators of the future will be more like venture capitalists than corporate executives. Join us at The Corporate Innovation Academy and learn innovation culture and mindset, stakeholder buy-in, innovation metrics, portfolio management, and much more.