To be successful in your innovation journey, it makes much sense to invest time and effort in designing an innovation program that suits your organisation's needs.
A well-designed innovation program contains:
🔹The reason to innovate
🔹What type of innovation you will focus on
🔹An innovation process with different stages and steps in them
🔹Playbooks for the underlying steps
🔹Budget ranges for the early stages of the innovation project
🔹A governance structure
One significant benefit of having a well-designed innovation program is that it promotes a common understanding among everyone involved.
It helps to:
🔹Select the strategically best-fitting ideas on your long and shortlist
🔹Compare the stages of the innovation projects
🔹Understand how well the project is performing compared to your strategy
🔹Explain what you are trying to achieve with the experiments you are running if you talk to your board
🔹Get advice from investment or innovation committees
🔹Manage the project more quickly because it is clear what you want to achieve in the different stages of the innovation project
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Don't create unicorns,
Let's breed blue whales. 🐋