Archive for the ‘Innovation capacity’ tag
In a recent policy posting I mentioned innovation capacity. From my perspective, it’s about a company’s capability to innovate in a sustainable, repeatable way. The operational model required to innovate is different from the operational model typically in play within a company’s organization structure. Here at Myutiq, we break out innovation capacity into five key functional areas, which we look forward to discussing in upcoming blog posts. For purposes of today, let’s keep it to a simple set of three: (1) how companies generate ideas for new, bold initiatives; (2) how companies manage the risk associated with innovation; and, (3) how companies move through the series of steps to implement new initiatives.
Every company will have its own unique set of challenges in building expertise to smoothly manage all the steps along the innovation capacity spectrum. It’s important to map out a process that will integrate well with the business and industry, and then start working through the process, evaluating what’s working and what’s not, so adjustments can be made. Expertise at managing sustainable innovation is built up over time. Getting great at innovating doesn’t happen overnight. But no matter how good a company is at “building a process”, the other critical ingredient is an innovation culture.