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Innovation
Strategy
The Innovation Engine™
We help you craft a custom Innovation Strategy
Associated Challenge Statements:
''We're struggling to get our innovation efforts off the ground''
''We haven't figured out a system or method behind our innovation efforts'
''Our innovation efforts have not been successful or profitable''
''How can we prepare our organization for the upcoming market and technology changes?''
Our Approach
Step 1: Secure leadership Buy in
Leadership buy-in is crucial before instituting an innovation strategy because it ensures alignment of organizational goals, facilitates resource allocation, and provides the necessary support and direction for successful implementation and adoption throughout the company.
Are the CEO and C-suite committed to the innovation efforts?
Are all leaders clear on the vision?
Is there a sense of urgency?
Is everyone aware of the cost of inaction?
Are all concerns addressed?
Are leaders involved early on in the process?
Are the CEO and C-suite committed to the innovation efforts?
Are all leaders clear on the vision?
Is there a sense of urgency?
Is everyone aware of the cost of inaction?
Are all concerns addressed?
Are leaders involved early on in the process?
Step 2. Assessment of Status Quo
Conducting a thorough assessment of the status quo before institifying an innovation strategy is essential to understand the existing strengths, weaknesses, opportunities, and threats, thereby informing the direction of innovation and ensuring it aligns with the organization's capabilities and needs.
What products, services, initiatives do we currently have in place?
What are our strengths and weaknesses?
what are our unique resources?
What are the challenges and opportunities we’ve had in the market?
Are we well positioned for success?
What products, services, initiatives do we currently have in place?
What are our strengths and weaknesses?
what are our unique resources?
What are the challenges and opportunities we’ve had in the market?
Are we well positioned for success?
Step 3: Innovation Perspective
Having a strong perspective before instituting an innovation strategy is crucial as it provides clear direction, aligns efforts, and enables strategic decision-making that caters to future trends, ensuring your innovation maintains relevance and competitive advantage in the evolving business landscape.
What are the challenges and opportunities we’re seeing in the market?
What emerging trends, technologies and buying behavior are we seeing?
On which ones will we aim to capitalize, and on which ones will we not?
What capabilities do we need to develop to cover the gap?
What are the challenges and opportunities we’re seeing in the market?
What emerging trends, technologies and buying behavior are we seeing?
On which ones will we aim to capitalize, and on which ones will we not?
What capabilities do we need to develop to cover the gap?
Step 4: Innovation Portfolio
Having a well-balanced innovation portfolio while instituting an innovation strategy is essential because it diversifies risk, ensures a steady flow of ideas at different development stages, and allows for the pursuit of both incremental improvements and disruptive breakthroughs, fostering sustained growth and resilience in a dynamic business environment.
What is our current suite of products and services, and how are they positioned in our portfolio?
Is our portfolio well balanced, and which horizons are we currently covering?
Horizon 1: Core
Horizon 2: Adjacent
Horizon 3: Transformational
What is our current suite of products and services, and how are they positioned in our portfolio?
Is our portfolio well balanced, and which horizons are we currently covering?
Horizon 1: Core
Horizon 2: Adjacent
Horizon 3: Transformational
Step 5: Innovation Model
Having a well-thought-out innovation model is pivotal while instituting an innovation strategy, as it provides a structured approach to generating, developing, and implementing new ideas, ensuring alignment with business goals and maximizing the potential for successful, impactful innovation.
- In what kind of ways will we drive innovation?
E.g. Innovation labs / M&A / Customer feedback / Design Thinking
- How do we ensure the model is coherent and aligned with the overall innovation strategy?
- What limitations does our model have?
- What capabilities can we develop internally and what needs to be sourced externally?
- In what kind of ways will we drive innovation?
E.g. Innovation labs / M&A / Customer feedback / Design Thinking
- How do we ensure the model is coherent and aligned with the overall innovation strategy?
- What limitations does our model have?
- What capabilities can we develop internally and what needs to be sourced externally?
Step 6: Innovation Framework
Having a well-structured innovation framework is essential while instituting an innovation strategy because it provides a systematic and repeatable process for identifying opportunities, evaluating ideas, and implementing innovative solutions, thereby enhancing the efficiency, consistency, and effectiveness of the organization's innovation efforts.
How will we run experiments and pilots?
What will the Build, Measure and Learn framework look like?
What sequence of steps will the new bets need to go through to validate them?
How will we know when things are going right or wrong?
How will we run experiments and pilots?
What will the Build, Measure and Learn framework look like?
What sequence of steps will the new bets need to go through to validate them?
How will we know when things are going right or wrong?
Step 7: Engage Stakeholders
Involving all necessary stakeholders in the development of an innovation strategy is crucial because it ensures a diversity of perspectives, fosters a shared sense of ownership, and increases the likelihood of successful implementation by securing buy-in from those who will be impacted by the innovation.
- Which people, roles, and departments are crucial to involve in order to make our innovation efforts a success?
- When, and how, should we involve them?
- What do they care about and how can we be great partners to them?
- How would they like to be informed and engaged?
- Which people, roles, and departments are crucial to involve in order to make our innovation efforts a success?
- When, and how, should we involve them?
- What do they care about and how can we be great partners to them?
- How would they like to be informed and engaged?
Step 8: Determine Innovation KPIs
Having clear innovation KPIs and ways of measuring success is critical because they provide tangible targets and indicators of progress, allowing the organization to track the effectiveness of its innovation efforts, make data-informed decisions, and demonstrate the value of innovation to stakeholders.
- What KPIs will we use to measure our innovation efforts?
- When and how do we measure with soft KPIs versus hard KPIs?
- Does everyone understand the KPIs and their purpose?
- How can we make sure departments across the organization are speaking the same language?
- Do the KPIs suit our organization and innovation process?
- What KPIs will we use to measure our innovation efforts?
- When and how do we measure with soft KPIs versus hard KPIs?
- Does everyone understand the KPIs and their purpose?
- How can we make sure departments across the organization are speaking the same language?
- Do the KPIs suit our organization and innovation process?
Step 9: Enablement of Teams
Training your teams and leaders on innovation theory and techniques is crucial in the process of instituting an innovation strategy, as it equips them with the knowledge and skills needed to generate, evaluate, and implement innovative ideas effectively, fostering a culture of creativity and continuous improvement throughout the organization.
What specific knowledge and skill gaps need to be addressed to foster innovation within our teams?
Who are the knowledgeable and experienced trainers or facilitators that should lead these trainings?
How will we evaluate the effectiveness of the training and assess the achievement of learning objectives?
What specific knowledge and skill gaps need to be addressed to foster innovation within our teams?
Who are the knowledgeable and experienced trainers or facilitators that should lead these trainings?
How will we evaluate the effectiveness of the training and assess the achievement of learning objectives?
Step 10: Introduce Tools & Systems
Training your teams and leaders on innovation theory and techniques is crucial in the process of instituting an innovation strategy, as it equips them with the knowledge and skills needed to generate, evaluate, and implement innovative ideas effectively, fostering a culture of creativity and continuous improvement throughout the organization.
What specific knowledge and skill gaps need to be addressed to foster innovation within our teams?
Who are the knowledgeable and experienced trainers or facilitators that should lead these trainings?
How will we evaluate the effectiveness of the training and assess the achievement of learning objectives?
What specific knowledge and skill gaps need to be addressed to foster innovation within our teams?
Who are the knowledgeable and experienced trainers or facilitators that should lead these trainings?
How will we evaluate the effectiveness of the training and assess the achievement of learning objectives?
Related Articles
Innovation
Labs
The Innovation Lab Blueprint™
We help you build an Innovation Center of Excellence (CoE)
Associated Challenge Statements:
''We'd like to set up an Innovation Lab, but we don't know how''
''We struggle to embed our Innovation Lab's creations into the core business''
''We'd like to know how do the world's top Innovation Labs operate''
''We're facing resource constraints (talent, funding) while setting up an innovation function''
1. Vision & Objectives:
Define the overarching vision of the innovation lab.
Outline clear objectives and desired outcomes, ensuring they align with the organization's strategic goals.
Define the overarching vision of the innovation lab.
Outline clear objectives and desired outcomes, ensuring they align with the organization's strategic goals.
2. Stakeholder Buy-in:
Engage key stakeholders across the organization to garner support and commitment.
Highlight the benefits and potential ROI of the innovation lab.
Engage key stakeholders across the organization to garner support and commitment.
Highlight the benefits and potential ROI of the innovation lab.
3. Determine the Budget:
Allocate financial resources based on the scale and scope of the lab.
Consider factors like technology needs, personnel, physical space, and ongoing operations.
Allocate financial resources based on the scale and scope of the lab.
Consider factors like technology needs, personnel, physical space, and ongoing operations.
4. Location & Infrastructure:
Choose a conducive environment, possibly away from the regular office to foster creativity.
Ensure the space is equipped with cutting-edge technology and tools for ideation and prototyping.
Choose a conducive environment, possibly away from the regular office to foster creativity.
Ensure the space is equipped with cutting-edge technology and tools for ideation and prototyping.
5. Talent Acquisition:
Recruit a mix of talents, including experts in R&D, business analysts, and creative thinkers.
Consider onboarding external consultants or partnering with academia for specialized knowledge.
Recruit a mix of talents, including experts in R&D, business analysts, and creative thinkers.
Consider onboarding external consultants or partnering with academia for specialized knowledge.
6. Processes & Methodologies:
Implement proven innovation frameworks such as Design Thinking or Lean Start-up.
Establish a feedback loop to continually refine and adapt processes.
Implement proven innovation frameworks such as Design Thinking or Lean Start-up.
Establish a feedback loop to continually refine and adapt processes.
7. Technology & Tools:
Invest in the latest technologies, like AI, AR/VR, and IoT, relevant to your industry.
Provide training sessions to keep the team updated on utilizing these tools effectively.
Invest in the latest technologies, like AI, AR/VR, and IoT, relevant to your industry.
Provide training sessions to keep the team updated on utilizing these tools effectively.
8. Collaboration & Partnerships:
Foster a culture of open collaboration both internally and externally.
Build partnerships with startups, universities, and research institutions to gain fresh insights and access to new technologies.
Foster a culture of open collaboration both internally and externally.
Build partnerships with startups, universities, and research institutions to gain fresh insights and access to new technologies.
9. Measurement & KPIs:
Define clear metrics to measure the success and impact of the innovation lab.Regularly review KPIs and adjust strategies to ensure alignment with business objectives.
Define clear metrics to measure the success and impact of the innovation lab.Regularly review KPIs and adjust strategies to ensure alignment with business objectives.
10. Feedback & Iteration:
Establish channels for feedback from stakeholders, customers, and the innovation team.Use insights to refine projects, reprioritize, and ensure the lab remains agile and responsive to market needs.
Establish channels for feedback from stakeholders, customers, and the innovation team.Use insights to refine projects, reprioritize, and ensure the lab remains agile and responsive to market needs.
Related Articles
Keynotes &
Workshops
The Innovation Experience™
An insightful presentation that answers:
‘How do some firms manage to innovate time and again, while others fail?’
‘How do some firms manage to innovate time and again, while others fail?’
Learn the secrets of Silicon Valley’s top innovators, as Chris Heemskerk takes you on a journey in leading for innovation.
Discover how the world’s leading firms build organizations that are able to develop break-through innovations in a repeatable and scalable manner, versus the well-known one-offs.
Leveraging the art & science of building innovative cultures and developing strategies to support these, the audience will gain exclusive insights derived from cutting-edge institutions such as Google, Apple, Harvard & Stanford.
Discover how the world’s leading firms build organizations that are able to develop break-through innovations in a repeatable and scalable manner, versus the well-known one-offs.
Leveraging the art & science of building innovative cultures and developing strategies to support these, the audience will gain exclusive insights derived from cutting-edge institutions such as Google, Apple, Harvard & Stanford.
Selection of Topics:
Cases: How the world’s most innovative firms operate
Strategy: How to build an innovation engine for your organization
Leadership: How to build a culture of innovation Innovation
Models: The secrets of successful Innovation Labs
Measuring impact: Innovation Accounting
Methods: Innovation by leveraging Design Thinking
Frameworks: Introduction to The Innovation Scorecard™
Engagement: Interactive poll & quiz using mobile devices
Cases: How the world’s most innovative firms operate
Strategy: How to build an innovation engine for your organization
Leadership: How to build a culture of innovation Innovation
Models: The secrets of successful Innovation Labs
Measuring impact: Innovation Accounting
Methods: Innovation by leveraging Design Thinking
Frameworks: Introduction to The Innovation Scorecard™
Engagement: Interactive poll & quiz using mobile devices
The Innovation Scorecard™
An engaging workshop to unlock break-through innovation opportunities in your organization
The Innovation Scorecard™ (TIS™) is a comprehensive framework that is designed to identify innovation opportunities within organizations across 4 key pillars: Culture, Organization, External Dimensions and Effectiveness.
During the workshop, leadership teams will gain an understanding of their innovation related strengths and weaknesses, and develop targeted strategies for improvement.
Drawing from over a decade of professional experience at technology companies such as Google and Apple, and informed by a rigorous literature review of more than 130 peer-reviewed publications on the subject, the framework is underpinned by Innovation, Leadership and Design Thinking certifications obtained from Harvard School of Business and Stanford Graduate School of Business.
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Audience: C-Suite & Sr. Leadership
Duration: 2-3 hrs.
Delivery: in-person or virtual
Pricing: upon request
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Reviews & Recommendations
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