Key Takeaways from this newsletter:

• Idea generation can come from anywhere, including from beyond your internal resources.
• Evaluate ideas quickly and give feedback.  Individuals whose ideas pass through the evaluation process should be rewarded.
• Develop an innovation strategy including KPIs.

In the June 2024 Newsletter, “Innovation, Part One,” we explored what innovation is and how it benefits companies. In August 2024’s “Innovation, Part Two,” we discussed the importance of fostering the right environment for innovation. Leaders and managers play a crucial role in developing an innovative mindset within their teams. Now that we understand what innovation is and how leadership needs the right mindset, let’s explore actionable steps to drive innovation in your organization.

Generating Ideas

Innovation starts with ideas, and ideas can come from anywhere. Here are some effective ways to encourage idea generation within your organization:

• Challenges: Post or e mail a weekly challenge and invite employees to propose solutions. 
• Idea Boxes: Set up idea boxes either physically or electronically for employee to submit their ideas.      These ideas can be solutions to problems or identification of unmet needs in the marketplace.
• Innovation Sessions.  Hold sessions for brainstorming of ideas.

Organizations should seek inspiration and ideas beyond their internal resources. Expanding their network can lead to valuable partnerships and new opportunities. Many of my clients are entrepreneurs who recognize problems and opportunities. They understand the importance of growing their network, knowing they can’t achieve success alone. They are constantly looking for partners, presenting great opportunities for larger companies. Here are some ways to reach out externally: 

• Collaborate with Suppliers: Work with suppliers on joint opportunities.
• Customer Feedback: Gather feedback on existing products to identify areas for improvement.
• Attend Conferences: Participate in conferences to learn about new technologies and network with industry peers.
• Explore Adjacent Industries: Network with individuals in related fields to explore potential collaborations.

Evaluating Ideas

Quickly evaluating ideas is crucial. Establish an evaluation mechanism that assesses ideas early in the process. Ensure evaluators represent all departments involved in the innovation process. A good idea should have both technical and marketing viability. Allocate resources to ideas that pass the evaluation and provide constructive feedback to those that don’t. Reward individuals whose ideas make it through the screening process.

Developing an Innovation Strategy

An effective innovation strategy includes setting clear goals and priorities. Develop trackable KPIs, such as revenue generated from new ideas and the percentage of employees who submit ideas. A well-defined strategy will help bring innovative ideas to market and drive company growth.

By understanding what innovation is, fostering an innovative mindset, generating and evaluating ideas efficiently, and having a solid strategy in place, your organization can succeed in becoming more innovative.

 References:

1.  How to generate new ideas and innovate | BDC.ca BDC website, “How to Generate New Ideas and Innovate,”  https://www.bdc.ca/en/articles-tools/business-strategy-planning/innovate/how-generate-new-ideas-steps-lead-innovation.
2. What is Innovation Strategy? Stages, Main Types & Examples IMD Website, “What is Innovation Strategy,” https://www.imd.org/blog/innovation/what-is-innovation-strategy.
3. Chris Dearmitt, “Innovation Abyss: An Innovator’s Solutions to Corporate Innovation Failure,” Createspace Independent Pub, First Edition (2016).

(photo credit:  Gary Walker-Jones, unsplash.com)