Innovation Portfolio Management – Principles Before Tools

Innovation managers need to build frameworks that are useful for making decisions.

Without that basis in strategy, any portfolio map is an academic waste of time at best, and innovation theatre at worst. Keep reading here.

Strategic Leadership: The Strategy of Saying No

It can be extremely difficult to know when you may have to say no to that potentially game-changing idea.

Saying ‘no’ offends our sensibilities and our natural desire to be liked by everyone. Got interested? Keep reading here.

Seven Trends Driving The Future of Innovation

A survey of 215 innovation, strategy, and R&D executives at large companies.

Attempting to do too much can result in none of your activities having a significant impact. Got interested? Keep reading here.

Most Companies Lack A Defined Innovation Strategy

Innovation efforts are shifting from invention and R&D to full transformation.

Executing before your organization has a defined strategy can cause more confusion & conflict. Read the 2 minutes story here.

Managing Innovation Portfolios – Principles Before Tools

A portfolio framework without strategy is a performance, not a useable tool.

Be creative: use existing tools, mix and match, and develop your own toolkit – and keep reading for 6 minutes here.

Customer Strategy: The Case of Ikea

IKEA has created a pop-up store in Australia to test a new business idea.

Big ideas tested on a micro-scale. Takes 2 minutes for the original story here.

Guest Blog: Driving innovation with L&D

Many companies want to establish a culture of innovation, one that encourages flexibility, creativity and supports risk-taking. The benefit? breakthrough products, a superior customer experience and a nimble response to market challenges.

But what is happening in organisations today, and what can HR do – specifically the L&D (learning and development) function – in not only supporting, but also driving, a culture of innovation? The 2019 US L&D Report highlights some of the latest trends that companies are already applying.

Be flexible

The aim of a HR/L&D team is to adjust to continuous organizational changes without compromising either the speed or quality of talent development strategies. An overly-planned L&D program is less likely to adapt with any changes in business strategy, so don’t be afraid to stray from your schedule and remain flexible when business needs a shift. This also means that for innovation to occur, your program needs to tailor itself to the individualized present (and future) need of employees.

Create a safe space for risks and ideas

Innovation happens when employees feel free to take risks without repercussions. Focusing on employees’ individual strengths has been key to creating a culture of innovation. Focusing on strengths creates trust; it creates a safe space to try something and possibly fail, have a conversation about it, and move forward. For many organizations, innovation is a byproduct of their culture that prioritizes relationship-building and trust between employees and managers over learning hard skills.

Having engaged and committed leaders who can encourage this culture is key. It comes as no surprise that leadership and management skills are in high demand at organizations that are leading the innovation charge.

Hand-in-hand with creating an environment where risks can happen without repercussion, encouraging idea-sharing between colleagues on all levels of the organization will also propel innovation. The takeaway? Create programs that allow employees to cultivate their individual strengths while building relationships with others on the team. Where there’s support, there’s innovation – and trust needs to exist between team members for innovation to flourish.

Experiment (and then recalibrate)

Innovation comes from risk-taking. But since there are so many effective mediums and methods to deliver learning in 2019, it’s important to think outside the box and beyond traditional learning – and to never be afraid of recalibrating based on results. It’s vital to carry out evaluations and continuously monitor feedback in order to produce and develop the most innovation-driving programs.

Evaluation and recalibration are at the heart of world-leading innovation initiatives. Through surveys, focus groups, or other evaluations, it’s crucial to determine which programs work, which can be optimized, and which should be scrapped. Even more critical, however, is that you cultivate a working environment where employees can question current processes without repercussion. In a space where there’s mutual trust, reflection can grow into innovation.

Connect L&D and innovation

You could plan great L&D initiatives and hope that it sparks innovation company-wide, or you could be even more proactive. Planning programming around the concept of innovation might include a speaker series with innovators in your industry, a course on design thinking, or hack-a-thons where employees get to take a step back from their daily duties and focus on what could be improved at the company.

Written and Contributed by findcourses.co.uk // EMG – Education Media Group

The Apple Card is a perfect example of Apple’s post-iPhone strategy

Apple’s pivot from a hardware to a services company is their largest strategic move since the iPhone in 2007.

By building multiple recurring revenue streams and keeping money within their 1.4 billion-device ecosystem is a move not to be underestimated. Keep reading the story here.

The Incumbent’s Dilemma: How Large Organizations Are Being Disrupted By Their Own Assumptions

The need to align with customer needs and completely remove any ‘assumptions’ from your business decision-making.

Read here if your business decisions are guided by data that isn’t constantly refreshed, your product strategy will quickly grow stale and out of touch with what consumers actually want and need.

McKinsey’s Three Horizons Model Defined Innovation for Years. Here’s Why It No Longer Applies.

Taking a time-based approach to innovation might have worked in 2000, but it’s not a valid strategy in today’s cut-throat business world.

Many disruptions can be rapidly implemented by repurposing existing Horizon 1 technologies into new business models. Keep reading here …!