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Being Future Prepared is a Common Motive for Innovation Initiative
68% Percent of corporate business leaders say they will "increase their funding of digital innovation" as a major tactic to sustain growth in the uncertain macro environment.
Priorities for Innovation Initiative
Scale: 1 = Not at all important to 7 = Extremely important
n varies; IT and Business Leaders with Innovation Responsibilities, excluding unsure/ not applicable
Q02: How important are each of the following priorities for your organization's innovation initiative? Source: 2022 Gartner Justifying and Funding Innovation Survey
What is Innovation?
Innovation is the execution of new ideas that generate value
Enables businesses to filter signals from noise and explore novel ideas
Outcome that generates business value
The importance of implementing ("execution")
"Our current belief is that companies should create a separate division that operates under the protection of senior leadership to explore and exploit a new disruptive model."
Clayton M. Christensen et. al. — HBR — "Disruptive innovation"
Is innovation lab the right thing to do?
"Sanity Check"
Is the desired goal achievable in the innovation lab only
Is the lab the best tool for the job at the time?
Is the lab essential or critical to the future of the enterprise?
Key Issues
Whydoing it — defining the dream
Howto make the lab "work"
Whatare major pitfalls to avoid
Innovation Lab Operating Model
Determine Key Goals of an Innovation Lab
Improved Existing Revenue
Improve Operating Margin
Improve Workforce Productivity
Enhance Customer Experience
Increase Asset Utilization
Sell Existing Digital Assets
Digitize Product or Service
Sell Metered Revenue
Run a Platform Business
Move into New/Adjacent Industry
Improve Branding
Societal Goals
Mitigate Strategic Risk
Talent Attraction and Retention
Supportive Goals of the Innovation Lab
Key Issues
Whydoing it — defining the dream
Howto make the lab "work"
Whatare major pitfalls to avoid
Combine the 9 Buildings Blocks of an Innovation Lab
Buildings Blocks of Innovation Lab Operating Model
Engage
Financials
Estimate base budget to build and operate
Venture fund and disburse ideas in parts
Develop separate business cases to scale
Decision Rights
Adapt different styles of governance based on the requirements
Venture fund and disburse ideas in parts
Develop separate business cases to scale
Performance
Create a combination of leading indicators and supporting indicators
Venture fund and disburse ideas in parts
Balance timeliness and relevance by combining metrics on input, process, and output
Case Studies of Professional Services Provider
Performance
Professional Services
You need to have a degree of trust in the innovation leaders. Set some very strong KPIs at a board level, and let the innovation leaders loose to innovate. Innovation normally is about the unknown, so you need to incentivize problem - solving (especially for failures) in your metrics while recognizing positive contributions to revenue, quality and customer satisfaction.
- Head of Innovation Group, Professional Services, Switzerland
Enable
Talent
Acquire skills such as design thinking, business acumen, subject matter experts, technical skills, and good communicators
Leverage creative and adaptable innovators
Org Structure
The innovation director should be an enabler and champion of innovation
Start with getting executive buy-in, build a core and extended staff, which is multidisciplinary teams
Sourcing and Alliances
Prepare a clear value proposition for innovation partners that consists of funding, technology and expectation from the partner
Create a relationship manager role to coordinate engagements
Case Studies of Insurance Company Provider
Sourcing & Alliances
Insurance Company Provider
What worked well was we had a statement of work which was written out to clarify the terms of partnership agreement. It described what we brought and what they were bringing to the table so the expectations were pretty clear. It worked very well because each team knew what they were contributing to the project.
- Associate VP of innovation and strategy, financial services company, U.S. insurance productizer
Deliver
Ways of Working
Follow principle of minimum viability without compromising the quality
Enable innovation through creativity, agility, and design thinking
Tools
Focus on minimum requirements for testing the technology use cases
Maintain a technology tools repository that should be re-utilised
Places
Determine the need a physical, hybrid or virtual innovation lab based on the lab's goals
Select location based on talent access and experimental
Case Studies of Maersk Drilling
Ways of Working
"It's important to get an outreach in academia, in startup and tech communities," says Maersk Drilling chief commercial and innovation officer Morten Kelstrup. "We needed an alternative to the traditional approach, and we needed access to people and organizations that are used to working in different ways.".
Key Issues
Whydoing it — defining the dream
Howto make the lab "work"
Whatare major pitfalls to avoid
Common Innovation Lab Challenges and Solutions
01
Fail to understand the key reason for investing in an innovation lab
Justify the key reason for investing in innovation
Define quantified, time-bound and detailed goals
02
Fail in implementation and struggle to move beyond prototypes
Get business buying and focus on three elements ownership, behavior, and process
03
Getting employee engagement or time utilization for innovation
Involve HR and management and have allocated time
Blocked time for innovation rather than time in parts everyday
CLEAR
"Disruption", innovation labs etc. are not universally agreed terms
Call to action: Ensure everyone understands what investment in innovation look like and the road ahead
CONSISTENT
To increase the chances for successful innovation, reduce the friction in the operating model
Call to action: Leverage an interdependent modular approach to create an operating model
CONSERVATIVE
Innovation and disruption is hard — failure rates are high
Call to action: Set clear expectations — and be prepared to deal with setbacks