How and Why Innovation Can Be Outsourced Successfully
More often than not, you’ll be under a #legalcontract if you decide to #outsource your #innovation. At the end of the day, you’re completely within your rights to take the outsourcing company to the cleaners if they do share your secret with anyone outside of their project team.
NDA’s are at the core of everything that Innovolo does.
Especially in today’s #socialmediaplatforms , something can slip very, very quickly, and very easily. Make sure you choose the right company to work with and make sure that they’re a well-reputed company. Just be careful whom you choose and make sure that they’ve got a good practice whereby they sandbox your project, they sandbox you as a customer, and nothing gets leaked in various directions. Ensure they’ve got a really good way of doing that- that's a key area there to look at.
There is the other side to it is that the faster you do it, the faster you get it out there, the faster you can move on to the next thing. So don’t worry too much about protecting it. Confidentiality, absolutely, but once it’s out there, get on to the next thing.
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#outsourceyourinnovation #innovation2021 #ideageneration
1. Assist in finding partners & investors
Outsourcing your product development with a provider such as Innovolo shows potential investors that you, as a company owner, are maintaining the business well and are looking after the interests of the shareholders.
2. Cost saving
There are cost savings to consider.
3. Increased flexibility.
Outsourcing your innovation allows you to focus on what you know and do best giving you extra flexibility.
4. Access to specialist skills
Skills that would cost a lot of money to hire internally.
5. Time-saving
Time is a big issue. Innovation doesn’t shout loud enough in the business. The day to day takes over, and that idea you have had or you thought about doing never gets brought to market.
Outsourcing your innovation immediately turns it into a strategy, not an afterthought. Innovation isn't something you do while driving to work. That’s not a strategy – that’s hope.
Building a strategic platform around innovation takes the burden away from you as a business owner and your team.
So, there is the question; would outsourcing be a distraction to our core business? The answer is no. Outsourcing your Innovation gives you focus- you can put numbers to it, you can control it, and you can get on with what you’re good at in your business.
What do we do to ensure your company retains ownership of your project?
It comes down to contractual obligations for a start.
When beginning a project, Innovolo always ensures the following:
- We form a clear plan
- We define your project with timelines
- We provide frequent updates
- We give you full visibility of what's going on each day
When you #outsource, you actually have more control over your project. It’s under more control because it’s highly visible.
When you carry out new product development internally, you could give it to Nigel in Accounts to go and be creative for an afternoon. And see what happens, hoping you get a good result.
By outsourcing, you are putting the project in the hands of #professionals. Allowing yourself the freedom to get on with what you are good at, and keeping Nigel happy continuing his number crunching. Outsourcing puts more restructuring a framework around it.
#business #businessdevelopment #innovation #ideageneration
Whether it’s #innovation, #creativity, or bringing in a trainer, coach, or accountant. With bringing outside people in, it’s a case of explaining and demonstrating to them the benefits.
This is something that we get told at times, “my business is special and unique. That won’t work in my business. I’ve been in my business for 50 years. What can you teach me about my #business?”
It’s a real #mindsetshift to get people through. The way through it is evidence. It’s to challenge those beliefs. It’s to ask them the right questions and show them some examples.
This is how crazy #ideas can come in. So it’s evidence, it’s challenging them in a positive way. Showing them that there are some examples of how it can actually work. This way, without being harsh, it helps them to drop the ego a little bit as well.
We have got to be open to ideas and allow other people to think of better ideas than we have as business owners- allow other people in as well.
You've got different areas to innovate within your company. You got:
- #product innovation
- #marketing innovation
- #service innovation
...and there are various other areas of innovation.
If you actually sit around with a #team and come up with that those ideas, it can be a very liberating experience for the #businessowner.
The fact that people outside the #organization don’t have a complete picture is a strength. They don’t hear all the same excuses, they don’t have the same baggage, the same #history, and the same principles. What it means is that some of the #ideas that external people will have will be ridiculous. One in three, the nuggets are going to be there. Not having an interesting specialization or complete picture, is a key strength, which is a bit sort of paradoxical.
If you did have a complete view, and a picture of the entire organization, you will discard ideas before they’ve had time to bear fruit.
At Innovolo, some of the ideas that get put on the table are so crazy, they almost get discarded on the spot. Actually, we can reform the idea and twist, change and build on it. Before you know it, you have a completely #groundbreakingidea. One of our sessions recently came forward in that way. It turned out that the idea got prioritized to number one of all the ideas that came out. It started off as a #crazyidea.
Imagine being in the meeting at SpaceX. When they said, “what we’ll do is launch a #rocket, and then we’ll make it land itself vertically backward on the same landing spot.” That’s ridiculous. It’s incredible. It’s an insane idea. Yet that’s how it goes.
#Outsourcing your #innovation is more critical if you are a smaller company. If you’re only a small company, you haven’t got that many people with the #ideas. And those people are busy running the day to day.
Hence it's even more critical to bring external perspectives in order. Looking at it from a negative point of view, what happens if you don’t?
You’re a small company, so your input in the day to day operation of that business is crucial. You've got this choice to make:
A. Make sure you are not distracted by these new shiny ideas, which deep down, you know will help you grow.
B. The point that Tony Robbins always says, “if you’re not growing, you’re dying”. So what’s the compromise? Outsource your innovation and #survive!
#leadership #sustainability #investinginthefuture #businessdevelopment
????Actual definition: #Innovation ????
[?n??ve??(?)n]
NOUN
The action or process of innovating.
"Innovation is crucial to the continuing #success of any organization"
If you search "what does Innovation actually mean" you will be hit in the face with thousands of search results. Innovation can be defined in so many different ways.
But the fact is, it’s a #trending word and everyone knows about it, and it's always the #ambitiousorganizations that want to do it.
How many companies succeed in embedding innovation into the very DNA of their #culture?
During the #year2020 and experiencing the #lockdown, we’ve seen a lot of companies innovating and really pushing ahead very, very fast. However, the trick is to actually create that culture of innovation so that innovation becomes part of your day-to-day.
That is where organizations really are taken to the next level when it actually becomes kind of your #modusoperandi if you like.
One of the reasons behind #innovation is to avoid #pricewars.
When everyone sells the same thing, the price will only steadily go downward.
When approaching a company to #outsource your innovation, there are a few things to look for. One of them being #confidentiality. A legit outsourcing company will have your #ideas legally backed up by binding #NDA's (Non-Disclosure Agreements).
There is a higher risk when #developing products in-house. Whether we like it or not, your staff will talk. Outsourcing and having your idea under wraps by NDA means there will be no chance that your idea slips through the gaps into the grasp of the #competition.
If you worry about company secrets slipping through the gaps, then it is a much safer option to outsource. Outsourcing is highly likely to give you better #protection than if your own staff develop your products.
At Innovolo, confidentiality is key in everything we do.
1?. TAKING A TACTICAL RATHER THAN A #STRATEGICAPPROACH
While some #innovation initiatives can be very quickly and simply outsourced. The true value is where you approach the decision to integrate an innovation-as-a-service into your #organization from a strategic, long-term, and integrated perspective. Rather than a short-term ‘fix’ to an immediate need.
2. NOT ADDRESSING #ORGANISATIONALRESISTANCE
Consistent and frequent communication and #management of change is needed from the beginning of the #outsourcing effort. This is not just your staff, but could also be your #shareholders, #investors, and other #stakeholders.
3. NOT UNDERSTANDING CURRENT COSTS AND #SERVICELEVELS
Having a solid baseline knowledge of your real costs and service levels will make it possible to evaluate your true needs for outsourcing your innovation and deliver a solid #business case to your Board.
4. POORLY DEFINING THE #BUSINESSCASE
As with any business initiative, even the best #recommendations can be defeated if adequate homework hasn’t been done. Provide the Board with a thorough understanding of the current situation and the value to be received through outsourcing in terms of cost, quality, and service.
#leadership #trends #investinginthefuture #smartgrowth #globaltrends #sustainability
100% yes!
By #outsourcing your #innovation, your vision is not just narrowed to that of your particular industry vertical. Our innovation-as-a-service will provide you with exposure to adjacent markets and sectors that you’re not currently in.
We’re often known as ‘na?ve experts’ at Innovolo: this is because we can ask those silly questions that are overlooked internally but are critical to #growth.
Check out our Innovation-as-a-service here: https://lnkd.in/dXxGCPd
#innovativesolutions #trends #investinginthefuture #smartgrowth #sustainability
Taking a tactical rather than a #strategic approach
While some #innovation initiatives can be very quickly and simply outsourced, the true value is where you approach the decision to integrate an innovation-as-a-service into your #organization from a strategic, long-term, and integrated perspective, rather than a short-term ‘fix’ to an immediate need.
Not addressing organizational resistance
Consistent and frequent communication and #management of #change is needed from the beginning of the outsourcing effort. This is not just your staff, but could also be your shareholders, investors, and other stakeholders.
Not understanding current costs and service levels
Having a solid baseline knowledge of your real costs and service levels will make it possible to evaluate your true needs for outsourcing your innovation and deliver a solid business case to your Board.
Poorly defining the business case
As with any #businessinitiative, even the best recommendations can be defeated if adequate homework hasn’t been done. Provide the Board with a thorough understanding of the current situation and the value to be received through outsourcing in terms of #cost, #quality, and #service.
#trends #investinginthefuture #smartgrowth #globaltrends #sustainability #innovation
When creating a #business case to take to your board, ensure you have a solid baseline knowledge of your real costs and service levels. This will make it possible to evaluate your true needs for #outsourcing your #innovation and deliver a solid business case to your Board.
Innovolo can help to create an ROI calculation for your Board so they can clearly see what the #returnoninvestment will be, and by when.
#leadership #sustainability #trends #investinginthefuture #smartgrowth #globaltrends