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Innovation Challenge

[vc_row][vc_column][vc_column_text]It's times of stress that really test the strength or weakness of an organization. During stressful times, leaders learn what the people in their organizations are made of – but also whether the systems, functions, and processes they have put in place are resilient to withstand the crises that inevitably come up. Industry shifts, market downturns, unexpected competitors: when stress comes, it shouldn't make an organization or process fall to pieces. Instead, stressful times should be when positive discourse, growth, and resiliency thrive.[1] "What do you do when you face a surprise?" David Woods, Faculty Emeritus of Integrated Systems Engineering at The Ohio State University, asked at the 2014 Velocity NY conference; referring to unexpected situations like when chunks of foam fell off the Space Shuttle Columbia's fuel tank in an unexpected way. "Do you gracefully extend performance, stretch your capabilities, and add adaptive capacity in order to continue to perform...

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[vc_row][vc_column][vc_column_text]A new study from the labs of Durham University's Dr. Andrew Smallbone lays out a pathway to making plastic bottles from organic waste material and CO2 captured from power plants. A thorough analysis of the economics shows this process could even be cost competitive for making things like plastic bottles. The process could start with something like the leftover plant material from sugarcane pressing. After a few reaction steps, which include the addition of some captured CO2 and some ethylene glycol produced from corn plants, you'd end up with a plastic polymer called polyethylene furandicarboxylate—otherwise known as PEF. Functionally, it's similar to the PET plastic used for water and soda bottles, denoted by the number 1 recycling symbol. Every step in the process has been at least demonstrated before, and some are quite common, so the paper doesn't spend much space on the chemistry. Instead, the researchers engage in life cycle analysis...

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Benchmarking Innovation Impact 2020

If you are lucky enough to be on an innovation team you understand the need to deliver successful innovative solutions. In this contemporary world assessing your progress and allocating resources is always a priority. Recently, Innovation Leader published the report, Benchmarking Innovation Impact 2020 offering an in-depth look at innovation strategies, investments, and approaches that drive successful innovation. ...

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innovation solutions

Innovation can also come in the form of new types of services that offer improvements on old ways of doing things, meet previously unidentified needs or fill gaps in the market. More often, innovation solutions use technology to support and dispatch new services...

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Innovation Budget Planning Considerations

As you start Innovation budget planning, here are eight things to consider:   When it comes to Innovation budget planning (and R&D), it is typically a laborious process that spans several months with business model canvases, business cases, proposals and pipeline discussions. I remember my inbox being flooded with documents, meeting requests and scientists pushing their research forward for my sponsorship. As Forbes magazine mentioned in an article last year “The presumption is that R&D spending is somehow connected to increased innovation, revenue growth and profits. However, leaders may be asking the wrong questions here. A focus on R&D spending might be a good way to gauge best practice within an industry, but it is not a measure of how innovative any company is. Having a great R&D process and achieving market success with the technologies we invent are two different things.” Nonetheless, budgets are the fact of corporate world and must be...

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Innovation Budget Planning Components Top 10

As a follow-up to our recent blog on “What to Include in Your Innovation Budget” we have created an innovation budget planning components list with 10 key items you should include in your innovation budget for the coming year.   As you will notice as you go through the budget checklist, some of the key components include taking advantage of external resources. As Benjamin Franklin said, “time is money,” so keep in mind that innovation planning may go beyond optimizing internal resources and require you to invest in outside resources in order to speed up production time.     With that in mind, here are 10 key components that should be a part of your innovation budget plan:   Innovation Budget Planning Components #1 Outside Consulting Ask yourself: Do we have the skills and resources necessary for our project research and development? Can we bridge the gap with outside consulting resources?   Whether you need help developing innovation and best practices...

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creating a culture of innovation

As companies increasingly recognize the importance of innovation and disruptive solutions to remain competitive, the big question remains: where does innovation come from and how a culture of innovation be cultivated? While it might certainly seem like a big question with a complicated answer, for most companies the solution within reach more than they could have ever imagined. Contrary to popular belief, existing employees account for the vast majority of innovative ideas and the right software can help unlock innovation while also shifting the entire company culture.   Companies who feel static, often look to outside sources for new ideas, but studies show that internal employees actually represent the best source of innovative ideas. The real challenge is creating a culture of innovation where employees feel free to share ideas and question the status quo. Here we have put together some of our most important findings regarding these issues in the article,...

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Holding an open innovation challenge is an excellent way to ensure a continuous flow of fresh ideas to your organization. When launching your next challenge, consider these five guiding principles.   1. Cast a Wide Net to Find Unexpected Innovators Let everyone know that you're on the hunt for ideas. You never know who is capable of coming up with a great innovation. Make the deadline and incentive for making submissions clear. Let the participants know what they will get for entering a winning innovation. GE's CEO Jeff Immelt went all out when he launched the massive "Ecomagination Challenge," using a press conference, VC firms, and marketing to garner participation. This innovation challenge resulted in the largest public participation ever run with 100,000s of participants.   2. Make the Innovation Challenge Specific The best ideas come from specific challenges. Make sure the contestants know the specific problems you're trying to solve. Set guidelines for any desired innovations...

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