Innovation Master Plan
The Innovation Master Plan, a blueprint for innovation success.
After building four innovative businesses, two growing into the billion Dollar revenue range and later helping several hundred startups to become innovative; we decided to create this Innovation Master Plan as a blueprint for innovation success.
The foundation of this Innovation Master Plan is the Deep Innovation Design method. The method is highly influenced by neuroscience, how our brain composes ideas. Creativity and innovation are done laterally in our brains. Lateral thinking and lateral processes are becoming of strategic importance in empowering teams to create the disruptive concepts, businesses need to stay competitive.
The full details and additional insights can be downloaded as a Whitepaper.
(1) Pillars of Innovation
When having a chance to learn from neuroscience how ideas get created in our brain and extrapolate the impact of that learning, we also see several aspects of innovation like purpose to innovate, the time and finance to innovate as well as the overall outcome in a very different light. Also, the entire innovation process can be seen in a very different light and the necessity for a stringent process is rising. The least used but biggest power of our brain is lateral thinking. When putting the key learnings together, the pillars of innovation become an important part of innovative thinking.
(2) Preparation for Innovation
When preparing for innovation there are several key components to take into consideration, starting with an Innovation Readiness Check. By completing a simple checklist you can determine if your top executives are on board, understand your current access to customers, and grasp your readiness to create groundbreaking innovations.
Leadership buy-in is key to your success. Genuine Innovation is a long-term engagement. It usually takes less than six months to create an innovative solution, but on average 5 to 10 years to be recognized as an innovation in the market. Innovation is a CEO mandate. Without a dedicated innovation strategy that comes from the very top of an organization, no innovation is realistically possible.
Next, craft an innovation mandate and an innovation strategy. An Innovation Mandate is similar to a declaration, mission statement, or manifesto. It is therefore not just the wish to be more innovative but building an entirely new operation within the company that may be able to compete and disrupt an existing business for the benefit of the market and the benefit of staying highly competitive. Once the executive team agrees on becoming an innovative business an innovation strategy needs to be crafted. Such a strategy is not focused on a certain innovation target, product, audience, or technology but the strategic position of the company, the fact that innovation is not a single event but a continuum, and what value the company sees in innovating.
Finally, assemble an innovation dream team and establish an innovation culture. Every business starts with a team. Our research and our own experience have shown that a highly diverse team will always beat a team of specialists. Make very clear what the goal and objectives are. The team must know the magnitude of that venture and make sure there are unique rewards for the team. Intelligent people argue with logic and facts, not ego and self-interest. The smartest people don’t work for money but for self-fulfillment. Have a base innovation culture statement ready before you attract talents. Then shape it together with the team you hire.
Innovation is the duality of brilliant ideation and relentless execution.
(3) Innovation Life Cycle
An innovation effort is a long-term engagement that deserves thorough planning. None of the highly innovative disruptors has hit the billion-dollar mark within just a year or two. The complete innovation life cycle is best described with an innovation journey map. That map shows the very origin or starting point of an innovation effort and all the major episodes of the innovation life cycle, all the way to global market acceptance. Even the greatest idea ever is no innovation unless it is recognized as such in the designated market. Like every journey, innovation has a destination. However, in our case, the destination is “Innovation Continuum”.
To help navigate the journey, BlueCallom created a methodical approach that starts at a point where a team may have no idea where to start, includes getting market feedback, from that point creates an innovative concept. From there the concept gets verified in the market and with positive feedback, it is much easier to finance. Then we are building prototypes that we call MVPs (Minimum viable Products) and bring those to market. After the market introduction, we spend a lot of effort in scaling the innovative business and go global. We purposefully do not go step-by-step through that journey but work in episodes and may jump back to an episode as needed. It’s part of the lateral thinking process. This is why the Innovation Journey map is not a linear path from one activity to the next but allows the freedom to go back and forth.
Putting the Innovation Master Plan to work
To implement a successful innovation master plan be PREPARED:
- Complete an Innovation Readiness Assessment
- Get the buy-in from the CEO
- Develop an innovation strategy
- Assemble your Innovation Dream
Finally, EXECUTE the entire Innovation Life Cycle. Start with the Innovation Opportunity Discovery all the way to bringing the innovation to market. There are many good reasons why the conventional sales and marketing teams cannot successfully bring disruptive innovation to market while working on the conventional and main solution offering.
Time is money – literally, execute relentlessly and focus on a 1% growth rate per day, creating exponential growth.
To download the complete whitepaper, please visit here.