Don’t tell me what you’re going to do. Do it. And let the market determine the value of what you’ve done.
Now that we have that out of the way …
Innovation isn’t a short-term act. It’s a long-term strategic commitment. Boston Consulting Group (BCG) started publishing a list of innovative companies in 2005. When looking at the 50 most innovative companies in 2021, BCG reported 18 of them as being new; that is, they weren’t in the top 50 last year. But 13 of them had been in the top 50 since 2005, most of them several times.
For perennial top innovators, innovation is not a theatrical exercise to convince employees, stockholders, or markets of their efforts. Rather, they’ve made deliberate strategic decisions to invest annually in innovation. And it paid off. As a result companies like Apple, Pfizer, Procter & Gamble, and Cisco are household names and recognized industry leaders.
Survey Says …
So, are you producing innovation theater, or are you committed to establishing a leadership position? To determine your readiness, answer the following questions candidly:
- Strategy: Is leveraging innovation to develop value-producing products, services, or business models a part of your business strategy?
- Leadership: Do you have a senior leader capable of and focused on innovation?
- Funding: Are you investing a percentage of annual revenue in innovation?
- Culture: Have you cultivated and encouraged an innovative mindset? Are new ideas captured and researched? Are failures recognized as necessary and instructive steps to success?
- Framework: Do you have a consistent discipline and a documented methodology for innovation? Are ideas and projects regularly reviewed against appropriate metrics?
- Results: What percentage of your revenue derive from the sale of products, services, or business models developed in the last three years?
If you don’t like your answers to those questions, or even if you do but you want an outside perspective, that’s why we’re here.
We help our customers achieve systemic, systematic, and sustainable innovation.