10 Best Practices for Innovation Success

There are so many different things companies can do to promote innovation. We were recently asked to list our 10 best practices… here they are…

1.Assessment 2.Executive alignment 3.How to (Training) 4.Show it is important 5.Making change stick 6.Ongoing inspiration 7.Systems 8.Moments of truth 9.Ecosystem development 10.Acceleration programs

You need to know where you are, to decide what to do next…

1 Overall Score 11 People processes

2 Desire / Hunger 12 Organizational Design

3 Philosophies 13 Customer Focus

4 Autonomy 14 Co-creation

5 Competitive 15 Ecosystem Management

6 Creativity 16 Speed / Results focus

7 Risk Taking 17 Systems to select ideas

8 Proactivity 18 Commitment to Learning

9 Structure 19 Knowledge Sharing

10 Strategy alignment 20 Open Minded

Our Assessment: http://tiny.cc/Slides_innov_ready

How Innovative Is Your Company’s Culture?

http://tiny.cc/bainassess

http://tiny.cc/tellisassess

CIBAM (Benovate) 1 day C level focus Life cycle/ business analysis to set key priorities Deliverable: Innovation portfolio

Executive program (IE) 1.5 day C level focus Indiv. company or several companies Day 1: “How to” Day 2: “We need” Deliverable: skills to manage, 4-6 blue cards

AFCE 3 Day Mixed group Intensive introduction to lean Start-up with choice of first projects Deliverable: Projects for the next 3 months

KSFs: Strategy from within, linking alignment with actions

8

2 Hours

Leadership

Meeting CREATE Stimulus

Mining

2 Hours

IE Workshops

CRE<ATE

COMMUNICATE

COMMERCIALIZE

2 Hours Each or I Full Day 4 Hours

- Choose and Finalize Blue Card

- Those Already Trained Join Here

Watch Video Before

Mine on VIP or VIO

Week 7 - 12

Monthly Weekly

Weekly Project

Updates

Fail FAST

Fail CHEAP

‘work’

Quarterly

Decide on Next

VIO/VIS Wave GREEN

BELT

Certification Celebration

1.5 Hour

.5 Hour

w Week 1 Week 2,3,4 Week 5 Week 6

Process Check In

1 Hour

What’s Working?

What’s Not?

Innovate Process

2 Hours

Define Ideas

Tell them it is important, but more importantly show it

• 555 program (5000 * 5 people * 5 days to make a prototype)

• 1000 and a box (see video)

• Start-up weekend (see video)

https://www.youtube.com/watch?v=VU4XYGuUh_0&index=3&list=PL6K5SZuzYX_FE3tfE-ditlB0Yt1GDs2l_

12

https://www.youtube.com/watch?v=QFqjRTWi22c

13

• Train the trainer programs • Ongoing coaching and development • Mentoring programs

• Lots of content

• Lots of diverse content and people

• = A recipe for new ideas

• If you’re a bank don’t ask banker to speak, ask artists

• Best in class google talks (inspired from P&G)

• Search “google talks” in YouTube

• Javelin • Innovation Engineering • Yambla KSFs: simple, action focused, learning based

Almost anything works faster with a deadline

• Inspiration days • Pitch events (with internal / external

judges) • Hackathons

Up and running in 82 cities. Moments of truth (they call them forcing moments) are the foundation. Graduates 80% success, 52% funding

If you want to move fast, it is usually not what you know, but who you know that makes the difference

• Meet and greet sessions with Entrepreneurs • Events with entrepreneurs pitching ideas for your

business challenges • Attendance at external events (eg Inacademy, The

Founder Institute)

Week 1: Problem-solution fit (there is problem) Week 2: Product-Market Fit (you have a solution) Week 3: Business Model Fit (you can do it profitably and scale)

Objectives A weekly learning cycle every week for 10 weeks

10 ideas for new users/ uses of their product

At least 80 new ideas, with 60 killed, 10 merged and 10 in progress

Alignment Every Monday… what next now

Build ideas Each Friday a brain-storming session (with new external people)

Communicate

Check

Systems Identify death threats/ work on death threats

Kill all weak ideas where death threats not resolved in 2 weeks

An 10 minute standing meeting every morning

Write and document work done each week

One person writes up the ideas/ Another lists the death threats

External experts to validate/ give feedback on all ideas

Fast Innovation World Other

Bridge Engineering Class Programs

1 Assessment Innovation readiness Limited None Innovation readiness Dartmouth, Bain assessment Depth of assessment/ proven

CIBAM workshop 1.5 day program 3 Day 1.5 day program Strategy consultants

Coaching Coaching Workshops Coaching Independent consultants

Solvay Innovation 3 Day Training 3 Day Training 3 Day Training Hands on during

Program How to Lean Enterprise How to Hands on after

Coaching Certification Certification Certification

Project Acceleration Project Acceleration Project Acceleration

(Death threat focus) (Step by Step) (Step by Step)

6 Ongoing Monthly events Blog None Monthly events Too many to list A network of speakers

Yambla Innov. Engineering None TBD Cognistreamer Simplicity

(Javelin would fit) (need to fit internal Bespoke systems Training to fit the systems

systems)

8Moments of

truthCorporate Events

Dates in acceleration

programsProject milestones

Corporate Events

+ milestonesToo many to list

Fit with your company,

experience with events, Founder

Institute experience

9Ecosystem

DevelopmentMisc. TBC An established network

10Acceleration

ProgramsCoaching/Mentoring TBC

Coaching for innovation vs.

project management

Our Advantage

Meet and greet sessions, Events with entrepreneurs

Attendance at external events (eg Inacademy, The Founder Institute)

Kick box, Events, Startup weekend, Customized events

Kick box, Events, Startup

weekend, Customized

events

University programs

Focus: we are innovation experts

(Strategy ≠ Innovation)

Tools, methods, systems to coach

innovation projects (and the right

people)

Fit with your company

Experience with events

Coaching/Mentoring

Best practices: Innovation Development

Too many to list

Too many to list

Executive

Alignment

How to

(Training)

Show

Innovation is

Important

Support/

Making change

stick

System

2

4

7

5

3

AFCE

(Moves the Needle)

Summary Best Practices

“ The hurrier you

go, the behinder

you get…”

A study by Economist intelligence with 312 companies split into 2 groups:

1. Go, go, go 2. Think, go , think, go (paused at strategic moments)

The companies with strategic pauses achieved: 40% higher sales, 52% higher profits

There is lots you can do.. The important things is to do something and if possible do things step by step Two Key recommendations:

1. Start before you think you need to start.. It takes time to build cultural change (there are no miracle solutions !)

2. Don’t reinvent the wheel… copy best practices

How to be meaningfully unique with 17 thousands management consultants just in Belgium ?

“Companies are tired of paying for advice, but are willing to pay for business results.”

The Fast Bridge Solution

• A focus on new business development

• The right people. Senior people with different skills

• The right methods. Fact based, using the best from around the world

• Whenever possible, results based compensation

For questions about this presentation or request for a meeting please contact Bryan Cassady Bryan@fast-bridge.com +32-475-860-757 Links to external company references in this presentation:

Innovation Engineering www.innovationengineering.org The Founder Institute www.fi.co European Innovation Academy www.inacademy.eu AFCE www.afce.co