HOW IMPORTANT IS "INNOVATION LED GROWTH?"
Andrew Aloisio
I help organisations lean into the future | Transformation | Leadership | Strategy | Sales | AI
Starting the conversation
How important is innovation led growth? The corporate strategy alone whist definite in its pursuit, may not yield the “where you want to be in three years” under the influence of unpredictable change. Three years may seem a little extreme but with the rate of change we face in todays market, its safe to say it is inevitable across many industries. The conversation starts with how innovation and innovation culture is valued and positioned within an organisation.
Defining the what is
Innovation is not just about ideas becoming products. Ideas are important and need to be systematically captured and evaluated, but innovation needs to be organisationally broad. It needs to be culturally inclusive, advocated and measured. Thinking, product or idea alone, under represents the potential innovation brings to an organisation. How can it work from the inside, out.
Risk & Failure Reward
Whilst many may understand the importance of innovation, some organisations do it very well and others struggle to create realised value. The want to innovate should not be blocked by the stigma surrounding risk. Risk and failure reward, needs to be clearly defined and communicated. What is good risk? and how do we learn from failure. At the same time how do we transfer these learnings across the whole group.
People and initiatives
Corporate strategy and innovation initiative should be organisationally aligned for success. Motivation and inspiration may come from C-level; however, this must be carried throughout the organisation as a catalyst to creating a strong innovation culture. Its important to connect individuals to ideas and initiatives that challenge and inspire them to think differently.
Innovation Infinity
Achieving Innovation infinity is all about a purposeful, consistent stream of broader initiatives that create short term wins and incremental value over time. This can then be broadened to future long term outlooks attached to horizon initiatives. The road to innovation infinity is underpinned by these 4 individual categories.
1-Purpose, 2-Value, 3-Agility, 4-Connectivity, and most importantly…. people.