Tag Archives: Innovation Best Practices

2015 Innovation Best Practices Survey

An Innovation Best Practices survey conducted by MindMatters Technologies (republished in Forbes) reveals that a significant percentage of workers believe that their efforts are not sufficiently appreciated or managed within their organizations.

Specifically:

  • Three of four respondents (77%) said their ideas are poorly analyzed or reviewed by their companies,
  • Four of five people who took the survey (81%) said their firms do not have the resources needed to fully pursue the innovations and new ideas capable of keeping their companies ahead in the competitive global marketplace,
  • Half the respondents (55%) said their organizations treat intellectual property as a valuable resource,
  • One in seven (16%) believed their employers regarded its development as a mission-critical function,
  • Almost half (49%) believe they won’t receive any benefit or recognition for developing successful ideas.

One of the most outstanding results was the question, “Do you believe that there are adequate resources available to pursue new innovations and ideas in your organization?”, where over 80% answered negatively.  Unfortunately, this is typical in many organizations, and it is one of the leading reasons why I’ve seen innovation fail.   In the most extreme cases, it turns the entire innovation process upside down by forcing the innovators to justify (again) their ideas to someone who has to “make resources available.” It usually means that resources are taken away from another project and/or that the threshold for getting the resources is extremely high. If management is truly committed to innovation, then the innovation team is trusted with a “budget” to make resource allocations. We already know that not all innovations will be successful, and making an upfront resource commitment means that management is committed for the long term–a critical element of success.

7 Rules for Improving Innovation: #3 Better Planning

Better Planning.

Many great ideas will cost money to implement, but not as much as you would think. Spend your money and resources in the right ways. Provide your employees with a meaningful, exciting environment and innovation will explode.

Better yet, hire innovative people and give them the power andfinancial backingto make things happen. For instance, an executive we spoke with told us about his company’s failings when it came to planning for and implementing new innovations. All across the organization, there was never ashortage of ideas being offered, and employees interacted and collaborated freely to come up withsolutions to major issues. A team was even put together to review and vet the best ideas.

But when it came to implementing thechosensuggestions for new projects, that’s where the company completely dropped the ball. Itquickly became apparent that some of these new programs were going to take resources, time, people, and cost actual money. Some required the hiring or redirecting of staff, earmarking time to do research and testing, purchasing or upgrading of new equipment, investing in new partners, and so on. The company was ill-prepared and most of their new programs fell short, or never even got off the ground.

Maybe your organization could learn from this mistake and plan out not only the process of innovation, but what you’ll do with the projects and programs you decide to launch out of yourinnovationprocess. Youalready allocate a certain amount of money for marketing, capital purchases, hiring new employees,and R&D, to name a few. Innovation cuts across all these areas. Take a small portion of these budgets and earmark them to only beused for innovativenewprograms in these areas each year.

www.StepByStepInnovation.com

www.mindmatters.net