Part 2. Selection of the Pursuit

Once an organization has established a clear vision for innovation, whether it involves pursuing new business lines, adopting new technology, or fostering an innovation culture, the next step is to determine how to effectively channel these efforts. Often, when organizations seek innovative ideas and suggestions from their teams, they are inundated with a wealth of creative and insightful concepts. While this influx of ideas is something to be encouraged and celebrated, the challenge lies in streamlining these suggestions to align with the predefined vision. Random ideas, while well-intentioned, can create noise and consume valuable time.

Balancing Risk and Cost

Every innovative idea inherently carries a degree of risk for the organization, as a completely risk-free endeavour may not yield significant rewards. It is crucial for the leadership team to assess the various risks associated with each idea, which could encompass commercial, operational, and financial considerations. Strategies should be developed to mitigate the potential impacts of these risks. Additional investment in these innovations can help reduce the associated risks, but a careful balance must be maintained. The knee-jerk reaction of inexperienced leaders may be to scale back innovation in an effort to protect the organization. However, this approach can, paradoxically, expose the organization to greater long-term risks in a rapidly evolving industry.

Iterative Progress

In many cases, when it comes to innovation, there may not be enough initial data to chart a direct path to success. Therefore, leaders, project teams, and other stakeholders must collaboratively contribute to the iterative process of innovation. They should continuously evaluate, adjust, and redirect their efforts. This collective effort requires buy-in from a critical mass of the organization to prevent the development of a "not invented here" mentality, which could jeopardize the success of the initiative. The innovation process itself uncovers new data and shapes the way forward.

"The impediment to action advances action. What stands in the way becomes the way." - Marcus Aurelius

Short-Term Gains vs. Long-Term Strategy

Innovation doesn't always have to exist in some distant future; there are often simple innovation initiatives that can lead to quick wins. These short-term successes can inspire an innovative mindset and complement the organization's long-term strategic goals. Striking a healthy balance between these short-term objectives and the long-term vision is crucial.

Leveraging External Innovation

Organizations should also consider the potential benefits of leveraging innovation efforts made by others in their industry. Collaborating with companies that have already ventured down the path of innovation can create mutual value and benefits for all involved. This is particularly relevant when partnering with technology firms who bring a unique perspective to the local market.

In conclusion, the decision on where to direct an organization's innovation efforts should involve a comprehensive assessment of risk, a commitment to iterative progress, a balance between short-term and long-term goals, and the exploration of opportunities to collaborate with industry peers. By following these principles, organizations can effectively navigate the dynamic landscape of innovation.

What drives the innovation pursuit in your organisation?