Four practical strategies for effective execution

I recently saw another Most Innovative Ranking” based on total patent applications and see that applications are reaching record [European patent applications hit record high in 2023 | Reuters].

While a high patent count gives some indication of R&D activity – the news is also full of innovative ideas that were unable to connect with demand and achieve commercial success. Anyone that has worked in large organizations also has examples of projects that just stalled and never delivered on their promises.

Drawing on my own experience and research in innovation, marketing, and M&A, along with other shared insights from the field, it's clear that accelerating execution and enhancing fit are crucial. Whether launching a startup, driving a new project, or leading an initiative within a large corporation, the principles of innovation management are universally applicable. Here’s how you can maintain momentum and better ensure the success of any project:

1- Focus on momentum - validate early and often:

• Information travels so fast these days that in most cases execution is more important than secrecy.
• Aim for rapid prototyping and seek continuous feedback to refine your innovations without getting lost in perfectionism.
• Hyper-focus on your Minimum Viable Product (MVP). This is not just about speed to market, but also setting the right foundation.
• Test and resolve issues while resources are available. A board / investor’s patience is finite.

2- Prioritize and engage from the start:

• It’s hard to prioritize when we don’t know what’s important [though here are tips on that]. Don’t have to wait until your product is finalized to start a dialogue with customers and stakeholders. Early interactions can pivot your strategy to better align with what users, decision-makers, or markets truly need, enhancing the fit and value proposition.

3- Leverage and develop your internal expertise:

• While external research can provide an initial understanding and set a baseline, it is crucial to cultivate deep and cross-functional in-house expertise. This approach is essential for translating and internalizing market knowledge into relevant and actionable steps.
• Develop in-house workshops and training sessions to translate external market data into actionable internal strategies. Understand your users and customer segments, adapt your messaging, and tailor your approach to meet specific demands.

4- Listen and adapt:

• Engage broadly at first, then refine the focus based on feedback. This flexible approach is essential, particularly if your project requires early buy-in or customer commitments – this is one occasion when you can’t be too early to the party.
• Use a mix of broad market surveys, targeted focus groups and internal expertise to refine your project’s scope and/or product's positioning, pricing strategies, and channel allocation decisions.

Successful implementation is like a HIIT workout - it demands quick adjustments, a balance between vision and execution, and managing tensions effectively. The clearer your strategy and the more defined your engagement, the quicker and more effectively you can implement and scale any project or initiative.

For more practical frameworks on linking innovation to broader business objectives, I recommend this HBR article: https://hbr.org/2023/09/a-new-approach-to-strategic-innovation

And this is a god read for further insight into how strategic adjustments and employee engagement drive successful corporate transformations: https://hbr.org/2021/09/the-secret-behind-successful-corporate-transformations

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