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Some innovation acid tests
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Should you find yourself in need to evaluate how good is your innovation strategy, here are some basic things for you to consider in your evaluation. |
You
are succeeding at innovation only once...
You replace 10% of your revenue stream annually Recent research says firms that don’t are likely to be out of business in five years. You have clear diagnostics and metrics So you know your baseline performance and which innovations matter most. You have a clear "innovation intent" So your initiatives build on one another and become more valuable over time. You achieve a strategic balance in innovation Ideally about 92% sustaining and 8% disruptive innovations. You have an integrated process that achieves innovation reliably Ideally getting satisfactory ROI from between 35% and 70% of initiatives. Useful innovation questions... Do I know my own innovation track record? Do I understand the innovation patterns in my category? Do I have clear metrics and measures for innovation? Do I have effective incentives and rewards for innovating? Do I have any proprietary technologies or processes to leverage? What platforms do I own? Which others do I support? What research should I be doing? What do I understand about my customers that competitors don’t? What emerging patterns of customer needs exist? Are the products and services in my pipeline good enough? |
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