10 Best Practices for Innovation Success
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Transcript of 10 Best Practices for Innovation Success
There are so many different things companies can do to promote innovation. We were recently asked to list our 10 best practices… here they are…
1.Assessment 2.Executive alignment 3.How to (Training) 4.Show it is important 5.Making change stick 6.Ongoing inspiration 7.Systems 8.Moments of truth 9.Ecosystem development 10.Acceleration programs
You need to know where you are, to decide what to do next…
1 Overall Score 11 People processes
2 Desire / Hunger 12 Organizational Design
3 Philosophies 13 Customer Focus
4 Autonomy 14 Co-creation
5 Competitive 15 Ecosystem Management
6 Creativity 16 Speed / Results focus
7 Risk Taking 17 Systems to select ideas
8 Proactivity 18 Commitment to Learning
9 Structure 19 Knowledge Sharing
10 Strategy alignment 20 Open Minded
Our Assessment: http://tiny.cc/Slides_innov_ready
How Innovative Is Your Company’s Culture?
http://tiny.cc/bainassess
http://tiny.cc/tellisassess
CIBAM (Benovate) 1 day C level focus Life cycle/ business analysis to set key priorities Deliverable: Innovation portfolio
Executive program (IE) 1.5 day C level focus Indiv. company or several companies Day 1: “How to” Day 2: “We need” Deliverable: skills to manage, 4-6 blue cards
AFCE 3 Day Mixed group Intensive introduction to lean Start-up with choice of first projects Deliverable: Projects for the next 3 months
KSFs: Strategy from within, linking alignment with actions
8
2 Hours
Leadership
Meeting CREATE Stimulus
Mining
2 Hours
IE Workshops
CRE<ATE
COMMUNICATE
COMMERCIALIZE
2 Hours Each or I Full Day 4 Hours
- Choose and Finalize Blue Card
- Those Already Trained Join Here
Watch Video Before
Mine on VIP or VIO
Week 7 - 12
Monthly Weekly
Weekly Project
Updates
Fail FAST
Fail CHEAP
‘work’
Quarterly
Decide on Next
VIO/VIS Wave GREEN
BELT
Certification Celebration
1.5 Hour
.5 Hour
w Week 1 Week 2,3,4 Week 5 Week 6
Process Check In
1 Hour
What’s Working?
What’s Not?
Innovate Process
2 Hours
Define Ideas
Tell them it is important, but more importantly show it
• 555 program (5000 * 5 people * 5 days to make a prototype)
• 1000 and a box (see video)
• Start-up weekend (see video)
https://www.youtube.com/watch?v=VU4XYGuUh_0&index=3&list=PL6K5SZuzYX_FE3tfE-ditlB0Yt1GDs2l_
12
https://www.youtube.com/watch?v=QFqjRTWi22c
13
• Train the trainer programs • Ongoing coaching and development • Mentoring programs
• Lots of content
• Lots of diverse content and people
• = A recipe for new ideas
• If you’re a bank don’t ask banker to speak, ask artists
• Best in class google talks (inspired from P&G)
• Search “google talks” in YouTube
• Javelin • Innovation Engineering • Yambla KSFs: simple, action focused, learning based
Almost anything works faster with a deadline
• Inspiration days • Pitch events (with internal / external
judges) • Hackathons
Up and running in 82 cities. Moments of truth (they call them forcing moments) are the foundation. Graduates 80% success, 52% funding
If you want to move fast, it is usually not what you know, but who you know that makes the difference
• Meet and greet sessions with Entrepreneurs • Events with entrepreneurs pitching ideas for your
business challenges • Attendance at external events (eg Inacademy, The
Founder Institute)
Week 1: Problem-solution fit (there is problem) Week 2: Product-Market Fit (you have a solution) Week 3: Business Model Fit (you can do it profitably and scale)
Objectives A weekly learning cycle every week for 10 weeks
10 ideas for new users/ uses of their product
At least 80 new ideas, with 60 killed, 10 merged and 10 in progress
Alignment Every Monday… what next now
Build ideas Each Friday a brain-storming session (with new external people)
Communicate
Check
Systems Identify death threats/ work on death threats
Kill all weak ideas where death threats not resolved in 2 weeks
An 10 minute standing meeting every morning
Write and document work done each week
One person writes up the ideas/ Another lists the death threats
External experts to validate/ give feedback on all ideas
Fast Innovation World Other
Bridge Engineering Class Programs
1 Assessment Innovation readiness Limited None Innovation readiness Dartmouth, Bain assessment Depth of assessment/ proven
CIBAM workshop 1.5 day program 3 Day 1.5 day program Strategy consultants
Coaching Coaching Workshops Coaching Independent consultants
Solvay Innovation 3 Day Training 3 Day Training 3 Day Training Hands on during
Program How to Lean Enterprise How to Hands on after
Coaching Certification Certification Certification
Project Acceleration Project Acceleration Project Acceleration
(Death threat focus) (Step by Step) (Step by Step)
6 Ongoing Monthly events Blog None Monthly events Too many to list A network of speakers
Yambla Innov. Engineering None TBD Cognistreamer Simplicity
(Javelin would fit) (need to fit internal Bespoke systems Training to fit the systems
systems)
8Moments of
truthCorporate Events
Dates in acceleration
programsProject milestones
Corporate Events
+ milestonesToo many to list
Fit with your company,
experience with events, Founder
Institute experience
9Ecosystem
DevelopmentMisc. TBC An established network
10Acceleration
ProgramsCoaching/Mentoring TBC
Coaching for innovation vs.
project management
Our Advantage
Meet and greet sessions, Events with entrepreneurs
Attendance at external events (eg Inacademy, The Founder Institute)
Kick box, Events, Startup weekend, Customized events
Kick box, Events, Startup
weekend, Customized
events
University programs
Focus: we are innovation experts
(Strategy ≠ Innovation)
Tools, methods, systems to coach
innovation projects (and the right
people)
Fit with your company
Experience with events
Coaching/Mentoring
Best practices: Innovation Development
Too many to list
Too many to list
Executive
Alignment
How to
(Training)
Show
Innovation is
Important
Support/
Making change
stick
System
2
4
7
5
3
AFCE
(Moves the Needle)
Summary Best Practices
“ The hurrier you
go, the behinder
you get…”
A study by Economist intelligence with 312 companies split into 2 groups:
1. Go, go, go 2. Think, go , think, go (paused at strategic moments)
The companies with strategic pauses achieved: 40% higher sales, 52% higher profits
There is lots you can do.. The important things is to do something and if possible do things step by step Two Key recommendations:
1. Start before you think you need to start.. It takes time to build cultural change (there are no miracle solutions !)
2. Don’t reinvent the wheel… copy best practices
How to be meaningfully unique with 17 thousands management consultants just in Belgium ?
“Companies are tired of paying for advice, but are willing to pay for business results.”
The Fast Bridge Solution
• A focus on new business development
• The right people. Senior people with different skills
• The right methods. Fact based, using the best from around the world
• Whenever possible, results based compensation
For questions about this presentation or request for a meeting please contact Bryan Cassady [email protected] +32-475-860-757 Links to external company references in this presentation:
Innovation Engineering www.innovationengineering.org The Founder Institute www.fi.co European Innovation Academy www.inacademy.eu AFCE www.afce.co