Leading innovation is hard. It involves creating the right culture, guiding innovation teams, and investing in the right ideas and business models. Without the right toolkit, this would almost be an impossible task. In this article, we introduce three innovation tools that executives and corporate innovation leaders can use to better manage innovation in a large organization.
At Strategyzer, we believe innovation is a profession all on its own. It is different from managing an existing business, and not the same as traditional R&D. As such, this emerging profession needs its own toolkit. Leaders can sometimes find it challenging to find the right innovation tools for their teams. Last year, we helped a Tech company in the US understand how the Strategyzer innovation toolkit can complement their Agile framework. Recently, we advised a public sector organization in the UK on their innovation process and toolkit selection. They were asking their teams to present business plans within a rigid stage-gate process. We made them aware of the risks of stifling their innovation capability if they implemented outdated tools and processes.
Leaders often turn to us for clarity and advice on this topic given our tool design track record. In the last decade, we have made several contributions to the innovation toolkit that revolutionized innovation and entrepreneurship.
The Business Model Canvas (2009), helps businesses describe how they create, deliver, and capture value. The Value Proposition Canvas (2014), helps businesses create products, and services customers value.
Today to stay ahead of the competition, large organizations across the world don’t manage one but several business models at any given time. And the best of them are exploring many new business ideas that could turn into future growth engines. In The Invincible Company, we introduce three new tools that enable you to manage innovation. Not just at the doers level, but at a more strategic level.
The Strategic Guidance Framework provides the required context for portfolio management. This framework helps with resource allocation and portfolio actions. It provides explicit boundaries so your innovation teams understand where to play, what is 'in' and what is 'out'.
The Portfolio Map helps you visualize, analyze and manage both your Explore and Exploit portfolio. The future business models you are searching for and testing, and the business models you are improving and growing.
The Culture Map helps you understand, design, test, and manage the corporate culture you want to bring to fruition in your organization.
When implemented, those three tools can help organizations develop the ability for constant reinvention. One of the three attributes of an Invincible Company.
Mastering the now extended innovation toolkit can help companies find breakthrough growth opportunities. While improving existing businesses at the same time.
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You can find these tools and many others in our latest book
The Invincible Company