Magic, luck and serendipity are like lightning … they can strike a company, but it’s highly unlikely that will happen. And lightning never strikes twice in the same place. Companies that have successful innovation outcomes that deliver 10 percent growth year after year don’t rely on magic, luck or serendipity. Aligned with strategic focus, these companies’ leadership teams use an innovation framework and commit financial and personnel resources to execute projects focused on delivering growth from innovation.
Executing successful innovation projects, especially figuring out what exactly to do, requires processes starting with ways to uncover the right ideas to implement (a.k.a. the front end of innovation). It makes sense that it really doesn’t matter how well you execute on new ideas/concepts, if you are not working on the right ideas/concepts, results will fall way short of expectations. When you have ideas that are well-grounded in a front end of the innovation process, success at launch demands there must be processes in place for effective development and commercialization.
We readily agree that our bodies and our automobiles need an annual check-up and tune-up. What if the annual reporting and budgeting process for companies were accompanied by a review and tune up of processes, tools and techniques for optimizing innovation success.
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