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Innovation is essential
Innovation is a discipline that can be learned and repeated. However, it is organised and operate differently from everyday business.
Many companies are aware that they need to create an innovation capability but don't know where to start. Working through five ideas can help understand what projects are essential to success, how to get projects into your portfolio, where innovation and growth are located, and how to start work with a few small projects.
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How to get started
At first, do not start with a large team or a significant budget. Instead, pick a few small projects where success can be shown and use them for training people on how to plan uncertain projects with a discovery-driven approach.
- It means planning via checkpoints,
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Consider how your innovation practices are governed
The governance system in your organisation helps projects into the portfolio. It also establishes the scope of innovations and defines what is in the scope. Ideally, it is the growth board that sets up metrics for what opportunities deserves further development.
- A good practice is for ...
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How to allocate resources for innovation
Use scorecards to allow people to see the logic behind your strategic choices and lay out what good looks like for your strategy.
- In a meeting, have everyone identify two initiatives or ideas they were involved with developing recently (one which was a good str...
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How to allocate an innovation group in the company
There are seven different types of how to locate an innovation group within the company.
- Put the innovation group inside an existing business unit.
- Create a division within a current unit specifically for innovations.
- Add it to ...
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Consider your growth gap
Executives are seldom set up to deliver performance and growth. Instead, they typically pay more attention to day-to-day performance.
One way to focus on growth is to ask your organisation to articulate how much new growth they expect to ge...
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- Surround Yourself With Inspiration. Whenever you see something that captures your attention, put it on display.
- Get a Buddy...
The Benefits Of More Face Time
Research found those who get more face time with management by being co-located are assigned better work assignments from their managers, are awarded promotions more frequently, and are less aware of their remote counterparts.
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Lack of innovation in larger corporations
- As companies start to grow, they often experience a downturn in innovation as management layers increase.
- Many larger corporations are now attempting to harvest the success of startups by creating small internal companies.
- A study reveals the main obstacles to ...
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