6 Approaches to Corporate Innovation Programs
When it comes to corporate innovation programs there’s a number of different approaches that large organisations can adopt, however knowing which one to adopt can be a challenge, and oftentimes executives find themselves chasing after shiny metal objects such as innovation labs where strategic alignment is often an afterthought.
Below a simple three step approach to determining whether you should look internally or externally to drive innovation and based on your objectives, help you determine an approach that your organisation will be better placed to execute on.
Step 1: define your objectives (H1 BAU improvements, H2 adjacent innovation or H3 disruptive innovation)
Step 2: assess your organisation’s current state and capability to deliver on these objectives (free tool: benchmark your company's innovation capability)
Step 3: based on step 2, determine if you are going to invest internally, externally or take a hybrid approach to achieve said objectives (how much are you really willing to invest in culture change, structural change and capability uplift? Do you have the right people on the bus? Is it easier to work with startups and other external players? These are some questions you might want to ask yourself at this stage)
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The WorkFlow podcast is hosted by Steve Glaveski with a mission to help you unlock your potential to do more great work in far less time, whether you're working as part of a team or flying solo, and to set you up for a richer life.
To help you avoid stepping into these all too common pitfalls, we’ve reflected on our five years as an organization working on corporate innovation programs across the globe, and have prepared 100 DOs and DON’Ts.
