Lessons from my ￡40 Million innovation failure

“Success is a lousy teacher.” - Bill Gates

I hope I’ve hooked you in with my title for the first newsletter edition of 2024. Last year, I spent time with Dan Kirby, an entrepreneur and podcast host, to reflect on the harsh realities of intrapreneurship from my time at Unilever - the challenges of predicting disruptive trends in a rapidly evolving landscape, and my eureka moment that the future doesn't need invention - it requires scaling.

Here are 5 secrets I shared in the podcast:

1. Failure isn’t final…embrace it:

My time at Unilever taught me an invaluable lesson: significant financial investment and ambitious ideas don't always guarantee success. Despite a budget of ￡40 million and launching 22 ideas, all of them failed. Failure is not just inevitable; it's necessary. It's the crucible where true innovation is forged, leading to more grounded and refined ideas.

2. Prioritise scaling, not inventing:

A pivotal realisation for me was that startups often invent the future, but they need help scaling it. This led to the creation of the Unilever Foundry, where we shifted our focus from inventing to scaling innovative solutions through partnerships with startups. The lesson here is clear: Innovation in a corporate setting isn't just about creating something new; it’s about recognising and amplifying what's already out there. It's a blend of vision and pragmatism. This has also redefined for us at Co:cubed the meaning of Corporate Innovation; it’s about enabling, nurturing and scaling.

3. Collaboration is key:

The secret to the success of the Unilever Foundry, where we established over 200 partnerships in the initial three years, was the power of collaborative innovation. It's about bringing together diverse minds and leveraging each other's strengths. This collaborative model has repeatedly proven its worth, reinforcing that the future of innovation lies in partnerships and shared visions.

4. If you want to transform the corporate, you have to transform the core:

One critical lesson I learned is the importance of integrating innovative efforts with the core business. Innovation isn't just about creating separate units; it's about transforming the core business itself to adapt and evolve. True innovation isn't an isolated venture; it's a transformation that must permeate the entire core of an organisation. It’s about embedding an innovative mindset into the very DNA of a company, ensuring that every effort resonates with the larger vision and strategy.

5. Tread the fine line between resilience and delusion:

As an intrapreneur, I experienced the delicate balance between being resilient and delusional. It’s crucial to remain optimistic yet realistic, acknowledging when a pivot or a new direction is needed. This balance is crucial — it's about being visionary yet pragmatic, bold yet discerning. It’s a dance of pushing boundaries while staying anchored to viable realities.

These lessons and secrets all feed into the work we do at Co:cubed to help leaders deliver impact, powered by collaboration. We track and monitor the world’s largest network of innovation and would love to work with you on a challenge you’re looking to solve. Talk to us today about how we can help you deliver.

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You can read the full transcript here:

https://cocubed.com/key-lessons-from-my-40m-failure/

Or listen to the podcast:

https://www.honeyiblewupthebusiness.com/2145729/12382476-lessons-from-40m-of-failure-with-jeremy-basset