For many organizations, it gets difficult to talk about Innovation even when everybody is talking about it. That scary word that requires so much thinking and resourcing, and that brings so much uncertainty!
Often, organizations can find themselves in front of the dilemma on whether or not they should take the opportunity to innovate. Sometimes, even if their decision makers say they value innovation, there’s always a strong organizational desire for reliability. No surprise there, when companies remain strong because their success is built on effective, consistent systems that have evidently worked well.
The problem is that if they remain in the same status, it could leave them stranded in the present by limiting the flow of innovative ideas and products. This is tactlessly in a fast-moving world, where innovation is clearly a key driver for growth and competitiveness. Sooner or later, someone else will come up with a new proposal that can response better to their customers' expectations, leaving their organizations in a critical situation.
But what can be done to deal with the fear to innovate or even to talk about it? Innovation requires that the company's culture promotes innovative ideas and that the management is behind the development. Here are some of my recommendations which can help your organization feel more confident about innovation and the uncertainties surrounding it:
Figure 1 A variant of McKinsey's Three Horizons of growth
I’ve seen numerous businesses focusing on short-term results, but those engaging with innovation tap into the wisdom of their organization and release their resources to re-invent the future. For companies like Google, the Transformational Horizon is mandatory and represents a 10% of the company’s resource allocation. Meanwhile, 70% and 20% of their resources go to the respective Core and Adjacent Horizons to complete what they call the 70-20-10 rule with respect to the percentages. What would be your distribution?
It’s worth to talk about innovation! In the end, it’s all about finding the right balance and good bases to feel more confident about it. I can assure you that investing in innovation will give your company an obvious place in the increasingly challenging market of the future. What do you have to lose?
Get in touch if you want to talk louder about Innovation Management or how to start your Innovation Journey. And say Hello Possibility!
//Maria Rojas, Innovation Leader, Prevas AB
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