The full article with case studies can be found here
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The innovation capability of a company resides in getting three things right:
- Strategy in terms of purpose and strategic fit of innovation initiatives;
- Well defined processes involving Stage Gate milestone decision making applying fixed criteria and clearing projects from one stage to the next only;
- Team capabilities, attitude, incentives and culture that provoke and reward innovation contributions made by people and departments inside the company.
These three building blocks together represent the ‘innovation machine’ that can deliver innovation impact in tangible and quantifiable ways.
9 STEPS TO BUILD AN INNOVATION MACHINE
Strategy - Determines the purpose and strategic fit of innovative initiatives
1. Define the company's innovation playground
2. Define the strategic gap
3. Identify the ideal mix of innovation types
4. What is innovation for us
Process - Defines milestones, decision making, transparent criteria and methods for clearing projects from one stage to the next
5. Resources allocation system
6. Stage-gate process
Team - Involves capabilities, attitude, incentives and culture that provoke and reward innovation contributions
7. Innovative working environment
8. Spread the innovation culture
9. Inspire key people
The full article with case studies can be found here
Laszlo Bax, Founding Partner at Bax & Company
