5 Questions to Build Your Company’s Capacity for Innovation

5 Questions to Build Your Company’s Capacity for Innovation

With so much uncertainty about, well, everything, people are realizing that innovation – the process by which new things create value – is essential to thriving going forward. This article sets out a set of best practices for managing innovation, structured around five big questions that can be asked to begin.

What is your growth gap?

Ask your organization to articulate their growth gap

The Strategy Scorecard Dimension

Exceptional if… Acceptable if… Unfavorable if… Gives the customer an edge

Where does your innovation group belong?

There are at least 7 archetypes for how to locate an innovation group within the firm

How will your innovation practices be governed?

Ideal scenario: a committee meets frequently, has a set of agreed-upon metrics for what kinds of opportunities deserve further development, and is courageous about stopping or parking things that aren’t ideal to move forward

How will you get started?

Pick a couple of smallish projects in which success can be demonstrated in a small way and use them to begin to train people on how to plan uncertain projects using a discovery-driven growth approach.

How will you allocate resources for innovation?

Go through a process of translating the grand strategies of your firm into specific screening scorecards

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