The do’s and don’ts for running a successful innovation operation inside a traditional business.
Innovation champions tend to be one-of-a-kind in their organization. It’s therefore critical for these folks to look outside their companies for advice and mentorship. For the last several years, many leaders have turned to Jump Offsite – an invitation-only gathering hosted by Jump Associates, an innovation strategy firm based in San Mateo, Calif. Here are some of the lessons that past attendees have taken away:
1. Avoid the innovation title
Calling a new team the “innovation department” is a good way to get everyone else in your company to hate you. After all, if you’re all about innovation, what does that make the rest of us — chopped liver? Some of the most successful innovation groups flew under the radar by using innocuous-sounding names like Ancillary Services, Platform Development, or Department of Vaguely Interesting Tangential Stuff That Might Pay Off Someday. Pick a name for your group that doesn’t induce hostility among your co-workers. You’ll need them on your side.
2. Use the buddy system
The most successful innovation leaders often have a partner in crime to help get the job done. Sometimes it’s a subordinate; other times she’ll actually share the same title. These duos act as a yin and yang, compensating for each other’s strengths and weaknesses. For instance, one might be a relative newcomer to the organization with outside knowhow, while the other is a trusted insider. Find yourself alone in an innovation job? Seek out a like-minded collaborator in another part of the company as soon as possible.
3. Set the metrics in advance
Innovation teams often find themselves producing new business ideas that can’t possibly survive the hurdles of corporate scrutiny. That can be because companies measure success by focusing on incremental ideas. Successful innovators have been able to establish different sets of funding, testing, and performance criteria for incremental, experimental, and potentially disruptive innovations. Set these metrics up as soon as possible, preferably before your team comes up with a big idea, so you’re not accused of simply trying to get an exemption for your pet project.
4. Aim for quick hits first
Too many leaders set off to create the platform that is going to save their company, only to discover that the organization’s patience runs out long before that new venture can come to fruition. That’s because game-changing initiatives can take a few years to develop, while most new leaders have only a short window of time to prove themselves. Spend your honeymoon period on quick hits, easy ideas that demonstrate to your CEO that you know how to get things done. Then switch to bigger initiatives before those base hits start to box you in.
5. Get data to back up your gut
How do you know if you have a good idea? The overwhelming majority of successful innovation leaders sum it up in two words: your gut. They often rely on years of experience to be able to recognize when they’re on to the big idea. They then use quantitative measures as a way to justify their intuition to the rest of the organization. That doesn’t mean that testing isn’t an important way to get feedback and improve an idea. It’s just rarely the final go or no go.
The Data Addiction
The biggest problem with the proliferation of data is the belief that more data leads to more informed decision making. Smart leaders know that too much data, or the wrong kind, leads to information overload and obscures the things that really matter. Curating the right data and using it to actively learn are the keys to getting the most out of your investment.
Getting More Impact From Your Insights
Across a variety of industries, insights managers are concerned about the impact they’re having. Evidence suggests that effective insights leaders get traction by employing techniques that increase their odds of success.