Let’s talk about something Huge! Newsletter Edition #2

Welcome to the second edition of our newsletter! ?? This time, we sat down with our CEO, Monika Synoradzka , to hear about the topic that’s been captivating her thoughts lately ???

So, just like last time, we’re inviting you to dive into some Brain Bites with us. And if you’re hungry for more, we’ve prepared a selection of Quick Bites with must-read articles from our ecosystem. Enjoy! ??

Why Innovation Falls Short? The Power of an Innovation Culture ??

Research by BCG shows that 83% of companies consider innovation one of their top three priorities. However, here's the upsetting part, only 3% are truly prepared to turn those priorities into measurable results. Over my years working directly with companies on their innovation strategies, I’ve seen this trend firsthand. Moreover, while the number of companies declaring innovation as a priority is increasing, the number ready to achieve tangible outcomes from innovation efforts is actually decreasing. This aligns with our findings from studies conducted among large organizations and corporations over recent years - there’s an undeniable enthusiasm for innovation, but it rarely translates into concrete action. So.. why is this the case?

To achieve specific, measurable outcomes from innovation, an organization must build not only a business and innovation strategy but also a systematic capability to work with innovation, encompassing three key elements:

1. A clearly defined business strategy outlining long-term areas of growth for the organization.
2. An innovation strategy, extending from the business strategy, that specifies how the organization plans to manage its innovation portfolio.
3. An innovation system, which includes well-defined processes that facilitate the sourcing of innovations, especially from external sources.

A company that fails to implement any of the above elements will not fully leverage its potential in sourcing innovations. Building an innovation system is the most time-consuming part, with a critical component being the people within the organization and their mindset. Often, especially at the early stages of working with innovation, activities dedicated to innovation are seen as just another task on the list, one that frequently doesn’t get the time it deserves (as noted by around 95% of mid-level employees in our surveys). That’s why it is essential for organizations to make innovation and related activities an integral part of the workflow, fostering an innovation culture.

One of the most effective ways to achieve this is through structured programs where employees take on the role of in-house innovators, sourcing innovations for the organization. Through these programs, employees not only carry out their day-to-day responsibilities but also gain knowledge, learn tools to support these processes, and develop the skills to address organizational needs using various sources. Key factors that impact the success of intrapreneurship programs include:

• The degree of employee engagement (full-time, 20% of their time, or additional tasks outside working hours),
• Recruitment methods for program participants,
• The goals participants are expected to achieve,
• Clear definition of innovation search areas and appropriate focus,
• Providing substantial support for participants,
• A strategic approach to integrating participants into an innovation ambassador network within the organization.

More and more companies in Poland are discovering that tapping into the potential of their employees is crucial for building competitive advantage and responding to market changes. Moreover, with structured pathways and strong support, each new edition of an intrapreneurship program gradually shifts the standard of project work from a program-only domain to a new organizational approach to project execution. Both employees and the organization benefit, as, over time, such programs enable companies to expand their offerings with new products and services and even transform their existing business models.

If you’d like to know more about the intrapreneurship programs, it will be the focus of our next Innovation Breakfast in Warsaw, scheduled for November 6. During the event, we’ll cover the key aspects of these programs, compare several models, and share examples of activities that support the development of innovation competencies. If you work in a large organization or corporation and would like to join us, email us at [email protected] ??

And if you’re looking for more from us - welcome to our recommendation corner, where we share publications that (in our humble opinion) are definitely worth a read! ??

?? Dive into the Report: “Kreatywno?? w biznesie. Przysz?o?? sektora kreatywnego w Polsce”, created by the Centrum Kreatywno?ci Targowa | Targowa Creativity Centre,? where Maria Tyka-Majewska shares how startups can use acceleration to grow ideas into something bigger! ?? https://bit.ly/4hnCxop?

?? Get insights from one of the one episode of our Podcast Huge Talks by Huge Thing, where we had a pleasure to host Krzysztof Szulc, Innovation and Project Manager at Grupa Azoty. Find out how they take on innovation and test new solutions! ?? https://bit.ly/3YgF7oI?

?? Get to know Maryla Wojcieszek story in the Mam Biznes article by Natalia Kieszek, where she shares her journey of bringing startups and corporations together, and find out why people play the main part in it ?? https://bit.ly/3zNvdl5?

?? Let innovation find you! Join the 4th international edition of the Huge Innovators Map, a platform for organizations actively seeking innovation in the Polish market ?? Fill out the form ?? https://hugething.vc/innovators-map/

?? Join our Office Hours for Office Hours for Corporates and Large Organizations ??? A recurring initiative offering free, 30-minute sessions with our experts every quarter ?? During these sessions, you’ll have the chance to discuss your innovation challenges and explore tailored solutions together ?? Upcoming edition is taking place on 26.11.24 ?? https://bit.ly/4eLOgeD

We’re curious, what would you love to see us share next time? Fill out the form and share your thoughts with us! ?? Let us know!

See you soon!