Innovation FAQs

Frequently asked questions on Innovations.

• How do you define innovation?
Something different that has impact.
• What are different types of innovation?
Innovation is more than whiz-bang technology; consider different strategic intents (e.g., create a new category, extend current business) or innovation mechanisms (e.g., new product, distribution channel, marketing approach).
• How do I spot opportunities for innovation?
Go to the source: the customer you hope to target.
• Which customers should I target?
Look beyond your best customers to those who face a constraint that inhibits their ability to solve the problems they face in their life.
• What is a business model (and how do I innovate one)?
How a company creates, captures, and delivers value; codifying the current business model is the critical first step of business model innovation.
• How do I know if my idea is good?
Let patterns guide and actions decide; remember Scott Cook's advice that "for every failure we had we had spreadsheets that looked awesome."
• How can I learn more about my idea?
Design and execute "high return on investment" experiments to address critical unknowns.
• How can I get other people behind my idea?
Bring the idea to life through visuals and customer testimonials.
• How long does it take new businesses to scale?
Almost always longer than initial projections; be patient for growth and impatient for profits.
• Why is innovation so important?
The "new normal" of constant change requires mastering perpetual transformation.
• How do I encourage innovation in my organization?
Stop punishing anything that smells like failure, recognizing that failure is often a critical part of the innovation process.
• What is in a good innovation strategy?
Overall goals, a target portfolio for innovation efforts, a mechanism to allocate resources to achieve that portfolio, and clearly defined goals and boundaries for innovation.
• What is the best way to manage an innovation portfolio?
Make sure you correctly capture current activities and measure and manage different kinds of innovations in different ways.
• Has anyone built the ability to innovate at scale?
An increasing number of companies, such as Google, Apple, Procter & Gamble, Amazon.com, Cisco Systems, Godrej & Boyce and General Electric.
• What are the most important factors contributing to successful innovation?
Utilizing a systematic approach
Working with multidisciplinary teams
Operating whilst keeping the final consumer in mind
Enabling transparency in your organization
Possessing the right competencies, skills and methods.
• How important is preparation when starting innovation?
It is the key element. Innovation is a complex process where one will soon discover that there is more than meets the eye. A solid preparation provides a high level of control and perhaps even more important; peace of mind. The preparation phase however is often discarded due to initial costs. This has proven to be a shortsighted method. Many research reports clearly show preparation enables a high return on investment. There is a flipside to that coin however. One has to prevent the effect of 'paralysis by analysis'. As much as we like to see uncertainties to be diminished, overanalyzing will get us nowhere. Instead we recommend reducing uncertainties step by step. This also enables us to correct ourselves in a flexible manner.
• What to do with an idea which cannot be implemented?
In many cases it is obvious the store the idea for later use. Perhaps the idea might generate a spin-off for future ideas. Ideas can also be protected and sold in the form of a license.
• Many of our employees regularly come up with ideas. How do we keep track of them?
This can be done by using the portfolio approach. Ideas can be sorted into themes and strategic objectives. The next step is to score those ideas on a level of appreciation and to start enriching and selecting ideas.
• How can I guide an idea successfully through an organization?
The idea needs to be further developed in the form of a business case. In this stage it is wise to involve as much relevant stakeholders as possible. A well-founded business case helps convincing senior managers that your idea presents some form of added value and creates commitment throughout the organization.
• Which is he first step that a leader should take in order to strengthen his company´s innovation
management ?
He should define the role that innovations shall play in his company, and above all he should set quantitative innovation objectives. Because: "You get what you measure!" Conversely, this means that any progress in the innovation management will be more modest if the progress is not regularly monitored based on quantitative innovation objectives.
• How do innovation and discipline go together in a company?
Both are of critical importance. And they do not contradict each other, different from what some people think. The best innovators combine creativity and entrepreneurship on the one hand with discipline on the other hand.
• What is the difference between creativity and innovation?
Creativity is the ability to create whereas Innovation is a creation (a new device or process) resulting from study and experimentation. It is also the creation of something in the mind.
• How to Encourage Team Creativity and Innovation?
Creativity and innovation are essential skills in almost any workplace. When problems arise, having a team of people that can solve issues quickly and effectively with a little creative thinking is beneficial to everyone.
• Who is the father of innovation and creativity?
Steve Jobs is considered to be the father of innovation and creativity.
• What is the need to be creative and innovative?
Anyone can do as they are asked on the job - it takes a star to create and innovate, which can mean making a better living and moving into a position that truly fulfills you.
 

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