Companies have a very pressing question at the moment:
How can we innovate?
Before we can answer the how, we need to ask the what.
Every company knows that innovation is a crucial aspect of ensuring long-term success. Some companies are at a point where innovation is crucial for them just to survive. Even with this in mind, very few companies can agree on a single definition for innovation.
So, what is it?
When the experts were asked this question, the resulting definitions was quite diverse, but they could agree that the top two factors that were non-negotiable are for companies to have the ability to:
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Generate ideas
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Execute on an idea
During our experience of innovation projects, we have come to realize that most companies have great ideas, but their ability to execute on these ideas are sorely lacking. We therefore like the simple definition of innovation that has been put forth by the Massachusetts Institute of Technology (MIT):
When implementing Innovation Projects, we spend most of our time on the Commercialization aspect of the formula and one of the best tools to create this skillset in your organization is Design Thinking. This is a great tool for developing Innovation Capability in your organization.
If you are still wondering if Design Thinking is a good skillset to develop in your organization, look at these stats:
The most important part of Design Thinking implementations, however, is not to start with the model, but to rather start by creating a culture where:
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Leadership knows and supports the value of learning through experimentation.
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It is OK to fail, if we learn.
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New ideas are encouraged and never get “lost in the system”.
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Innovative teams are established with cross-functional members.
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Innovation projects are supported throughout the company.
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Innovation is incorporated in individual & departmental KPI’s.
Let us help you to create an innovation culture in your organization. Contact us today at info@yellowseed.co.za
