It is not enough to create innovation teams and give them projects to work on. For innovation to move fast and scale, leaders need to remove every single constraint that slows down progress towards finding value propositions that resonate with customers and business models that are profitable and scalable.
During this webinar, Carol Hill, Alex Osterwalder and Tendayi Viki will describe what leaders can do to eliminate the main roadblocks holding back your innovation efforts and how to remove them.
Prioritize testing action over analysis paralysis
For the core business it makes sense to analyze and plan before execution. We have data from the past that is relevant to predict future success. For new ideas we don’t know what will work and even the deepest analysis won’t reduce risk. What matters is the ability to test our ideas, generate data, and then make informed decisions. Companies waste too much time planning and analyzing ideas.
Allocate sufficient time and resources
It may feel counterintuitive but innovation projects can take a lot longer if teams are not given resources and protected time to work on their ideas. The most important element is dedicated time. Teams that are working full time on innovation projects go much faster than teams that work part time on their projects.
Make it risk-free to experiment, fail, and retire projects
When an innovation is described as a lighthouse project and given a large investment it is condemned to succeed. This means that teams will be hesitant to kill the idea even if they are not getting any traction. When there is no process to kill ideas, projects can drag on forever. The resource being wasted on a failing project could be redirected to other projects with more promise.
Join this upcoming webinar where Alex Osterwalder and Tendayi Viki will unpack how you can start seeing results from your innovation efforts faster and at scale.
Register now and secure your spot for April 18, 2024, 4:00-5:00pm CET. Limited seats are available.