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There are plenty of reasons to innovate.
Especially now more than ever before, sustained innovation is the means to developing marketplace showstoppers that lead to profitable growth.
Innovation is not a luxury that can be placed on the back burner, even for today’s successful companies.
So before beginning your next innovation effort, here are some key questions to consider for mapping out an effective innovation plan.
1. What type of innovation does your organization need?
The key to implementing innovation is first defining the type that your organization needs. The hardest kind of innovation to manage is breakthrough — which creates an entirely new way to deliver value. Few and far between, these game changers hold the greatest potential for business success.
Most innovations are incremental, which can mean a tweak on an existing product, process or service. Examining how your innovation effort fits into the current organization’s needs is critical at this go/no-go checkpoint.
(There is nothing wrong with focusing and starting with incremental innovation or line extensions to get some early wins, get the organization engaged and excited and create a structured, repeatable process.)