If there are any remaining questions about the importance of innovation in today’s business world, all you have to do is look to the recent closing of the giant Toys “R” Us as a stark reminder of what happens when companies fail to innovate. ...
Actively Pursuing Innovation — Cultivating an Innovation Mindset. At this point, most businesses are keenly aware that it is imperative to their survival, in a competitive business world, to actively pursue innovation....
Upcoming Radio Show Event - Disruptive Solutions Mindset 101 on Coffee Break with Game-Changers Radio LIVE Wednesday, August 16, 2017 at 8 am PT / 11 am ET.
Disruptive Solutions Mindset. Listen live. Please join us as Denise Fletcher, our Chief Innovation Officer, will be a guest speaker on the Coffee Break with Game-Changers radio show, hosted by Bonnie D. Graham. ...
People are territorial by nature, protective of their homes, job duties, and relationships. We don’t like others infringing on areas we have claimed as our own. Companies are organizations of people working toward a common goal. As a human endeavor, the corporation’s culture embodies human traits including a suspicion of outsiders and fierce protectionism of its entrenched systems. Unfortunately, these typical business characteristics inhibit the organization achieving true open innovation.
The Open Innovation/Traditional Corporate Culture Clash
Traditional business culture is founded on specific beliefs:
No one can do it better than we can.
Everyone has a job and job title and need to stay within their roles.
Data silos organize information and protect sensitive information.
With few exceptions, how we’ve always done it is just fine so why change it.
Our processes are secrets to be protected from outsiders.
Innovation and market response is important, but it’s more important that we control...
Innovation Through Competition: Effective Innovation Systems Encourage Ideation
Whether the focus is on product development, service delivery, customer satisfaction, or market share capture, competition drives a company to improve its performance. Taking this to the next level, effective competitive systems encourage outstanding innovation, by allowing the best and brightest to tackle an organization’s biggest challenges.
Creating an internal competition is an excellent way to motivate your workforce to develop innovative solutions and new business opportunities. The most common structure is to form teams which compete to develop concepts, often working with mentors who provide guidance as needed. The teams present their projects to a panel of judges who select the best innovations for implementation. This process has the advantages of:
Demonstrating trust in internal expertise; and
Developing pathways for employees to participate in innovation regardless of job title or department.
The significant downside of this process is that it keeps...
Enterprise level innovation is the practice of looking beyond the organization’s R&D systems and past its discrete departments, to connect with global collaborators and improve business agility. This practice harnesses the benefits of open innovation to achieve specific enterprise-level goals.
Why Enterprise Level Innovation (ELI) Matters
The lifespan of large, successful companies is shrinking, and this trend is expected to continue. In 1965, the corporate lifespan of those listed on the S&P 500 was 33 years. By 1990, it shrank to 20 years, and it’s expected to drop to 14 years by 2026. Some of this change is due to mergers and bankruptcies, but a leading cause is market disrupters and innovators. This is a stark reminder of a simple truth: A company will not enjoy longevity in the marketplace without reinventing itself. The reason most businesses fail at this process is that they are not built for delivery or business agility,...