Innovators dilemma

A key aspect of any startup is innovation. How do you maintain your innovative edge while building your company? It?s not an easy balancing act especially when you have additional stakeholders who will participate in your Product Development Process as defined above. This is where many companies trip over themselves, both large Fortune 1000s and small, nimble start ups. It?s not because people are not innovative, creative and smart. It?s because they don?t know how to manage innovation throughout the Product Development Process.

There is a common saying “death by committee” that applies here. When you assemble a small group of people into a committee with decision authority you?ll quickly discover how groups behave differently then individuals. Everyone wants to be heard and weigh in on critical decisions, especially if they are co founders. What was once a great idea becomes diluted down to an interesting idea that may or may not represent your original innovation. How do you manage to avoid this trap? Well, for most companies it?s rigorous processes and well managed checks and balances between stakeholders. But that only keeps decisions civil and respectful between people, it does not support innovation.

The trick is to know your core tenants and be religiously faithful to them. What are core tenants? They are the attributes and values of your company and related products that don?t change. Your core tenants are undeniably why you starting a company and built a team around you. They are the magic in your vision and the opportunity your company represents.

For example your core tenants could be to inspire people through design, make life more enjoyable through great product experiences, be open and transparent with your customers, create a fun place to work, redefine how people connect with each other through your products or help people live more healthier lives. Your core tenants define your core principals as a person, a company and as a product.

At Ugobe a few of our core tenants were to create disbelief through magical product experiences, inspire people to feel empathy for Pleo, to make complex technology feel simple and elegant, and to be open and transparent with our company. We used our core tenants to guide our Product Development decisions and ideas. There were many moments we could have strayed from these tenants and diluted the promise of Pleo. But we reminded ourselves time and time again how important these tenants were to our company and Pleo. As a result we built something magical that continues to inspire people to this day.

For your company I suggest a full day roundtable meeting to discuss what your core tenants are. You may want to include Advisors and people you respect in your meeting for outside perspective. Undoubtedly you?ll revisit your core tenants to make adjustments or challenge them. But that?s normal so don?t worry. What?s important is that you develop a list of 5 to 10 core tenants (anything more is impossible to manage) and religiously remember them in all of your Product Development decisions.

Your core tenants also apply to brand, marketing and strategic decisions as well since they define your company. The mistake you want to avoid is to get too wrapped up in your first product and not think about the bigger brand promise your company represents. After all, you?re defining a relationship with consumers that you control. Understanding your core tenants will help you build that relationship while keeping your innovative edge.