Goal Driven Innovation

OK, let us reacquaint ourselves with the definition of Innovation:

Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services.

So look at it as the creation of activities, (never done before), that leads to a demonstrable improvement in product or service performance.

The culture to 'break things' or the mindset of 'how can we do this better' is essential in creating a sustainable profitable business.

Let me be clear.

Without this culture of innovation in your business someone will come along, take your market leading crown, and you will die as a business!!

And if you want more proof on the power of an innovative culture in your business then look no further than the acquisition activity of the big tech companies in the fantastic graphic below from Crunchbase:

These companies use their cash to 'snuff' out competitors. Very few of those acquisitions have been integrated into the business.

The recent growth rates of these tech companies are now in the single digits. Although highly profitable and great cash generative entities, their ability to innovate and bring out new products and services has been stifled. Just think of when was the last time that each of these organisation launched a new product or service?

THIS GIVES THE SMALLER NIMBLE BUSINESS HUGE OPPORTUNITIES TO STEAL MARKET SHARE

So some tips in creating a goal driven innovation activity and culture in your business:

1. Prioritise innovation activities that are going to solve customer problems, improve customer engagements or drive profitability
2. Ensure those goals are clear as part of the project definition and scope
3. Create clear milestones that break the scope down into smaller goals and activities. For example the recent Elon Musk's Space X launch had a clear milestone goal of ensuring the rocket CLEARED the launch pad. Even though the rocket blew up in orbit it was not seen as a failure, but one step closer to their overall goal
4. Foster an environment where employees feel empowered to take calculated risks and explore new ideas. Encourage experimentation and don't penalise failure, but rather view it as an opportunity to learn and iterate. Recognise and reward innovative efforts to motivate employees to think creatively and step out of their comfort zones.
5. Establish channels for open communication and collaboration across teams and departments. Encourage employees to share ideas, insights, and feedback. Implement platforms or tools that facilitate knowledge sharing, brainstorming sessions, and cross-functional collaborations. This promotes the exchange of diverse perspectives and fuels innovative thinking. In the teams I have led, this is one of the most important culture elements to get right and produces huge strides forward.
6. If you are a smaller business, then dedicate specific time and resources for employees to focus on innovation-related projects. This could include setting aside "innovation hours" each week, organising hackathons or innovation challenges, or creating cross-functional teams to tackle strategic projects. Remember, this activity is not a COST to the business but an INVESTMENT in its future!
7. Always create a forum for learning and development. Your people need to be at the top of their game and so it is imperative that everyone is aware of the latest ideas, tools and techniques that are going to drive Innovation in your business. Attending key conferences and leading groups, link with Universities and the review of periodicals are examples of activities are example of creating a client of learning within the organisation

Our NPD Accelerator programme is designed (as it says on the tin) to focus and drive new product development FASTER within your organisation. If you want to know then please reach out.

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