Want to Get Better at Corporate Innovation?
Here 4 more strategies you can use to be more succesfull.
Strategy #5: Frugal Experimentation
Here’s how it works:
- Start small and be careful with how much money and resources you use.
- It’s okay if not every project is a winner, but keep losses small.
- Once you figure out something is working, keep a milestone-based approach to allocating your capital.
Being frugal means you can keep innovating in the long term.
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Strategy #6: Strategic Stakeholder Management
Here’s how it works:
- Don’t just talk to the top bosses. Make sure everyone from managers to frontline staff knows what you're doing.
- Share your goals, progress, and mistakes.
- Getting everyone on board makes innovation efforts more successful.
Proper communication makes a huge difference.
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Strategy #7: Spread Your Bets
Here’s how it works:
- Try lots of different ideas at once, knowing some might fail while others succeed.
- This way, you’re more likely to find a few that really work. Properly manage your portfolio based on that.
- Spreading out your efforts means better chances of success; this is the only way to make the Power Law work in your favour.
Water the flowers, kill the weeds.
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Strategy #8: Targeted Focus Before Scaling
Here’s how it works:
- Focus on making a big impact in a small area first.
- Once you’ve nailed that, think about expanding your successful ideas to other areas.
- Going for mass markets from the get-go will only put you in reverse; it will never, ever accelerate you.
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Using these strategies has helped me a lot in making sure innovation really helps the company grow. By taking your time, planning well, and communicating with everyone, you can make sure your new ideas not only fit in but also help the company do better.
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Don't create unicorns,
Let's breed blue whales.
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