Finding your company’s next growth engine and positioning it for the future isn’t easy. The key to success lies in the acknowledgement that you can't pick the winner. Great ideas and bad ideas look virtually the same in the early stages of innovation. To find the winners, you can't avoid investing in the "lemons".
Here's how world class innovators, we call them Invincible Companies, find the winners. They invest small amounts of resources in a large number of teams to test and adapt their ideas. They then kill at least half of those projects after a short amount of time. Only few ideas and teams that can produce evidence get follow-up investments. They repeat this elimination process until the best ideas and teams emerge.
The key to the above is threefold. Firstly, eliminate the blockers to innovation and let any team with an idea start. Secondly, hone your ability to kill ideas that don't produce evidence after a short amount of time. Thirdly, make every team feel like a winner, so that they come back to test new ideas.
Learn how to do this in the real world on this month’s StratChat. Tendayi Viki (Pirates in the Navy) and Alex Osterwalder (The Invincible Company) share their experience from the field.
As usual, we’ll also have some fun exploring what’s hot or not in the world of corporate innovation. We'll share practical tools and dive into the world of innovation portfolio management.
Dr. Alexander (Alex) Osterwalder is one of the world’s most influential innovation experts, a leading author, entrepreneur and in-demand speaker whose work has changed the way established companies do business and how new ventures get started. Ranked No. 4 of the Thinkers50 list of the most influent... Read more >
Tendayi Viki is an author and innovation consultant. He holds a PhD in Psychology and an MBA. As Associate Partner at Strategyzer, he helps large organizations innovate for the future while managing their core business. He has given keynotes, run workshops and worked as a consultant for several larg... Read more >