Innovation

It is not the Big that will eat the Small. It is the fast that will beat the slow!*

The Corporate Entrepreneurship workshops are crammed-packed, the interest for this subject has definitely been super hot. Why is that?

Do we now see how entrepreneurship can reinvigorate and spike certain behavior and be a source of long-lacked energy? Which characteristics does the entrepreneur carry that we need to “successfully” innovate our businesses, processes, products and lives?

What frightens us when we think of the intra organizational entrepreneur, or the intrapreneur as she can also be called? What do we need in terms of structure and processes to support these people?

Is it necessary “people”? Or can it be ways of organizing our teams?

As you eagerly study the multitude of apps, mails, tweets and news on your phone on your way to Innovation In Action; Give it a thought.Dariush-quote-09 (diversity) liggande

In which ways do I function as an entrepreneur? How could this behavior benefit my organisation, whether small or big?

Have we reached lines end to acquisitions of small tech? Will we see a continued journey of entrepreneurs choosing to take their technologies to large scale success, finding them more hand-over ready as the grow slow? Will entrepreneurs choose to take the escape route and refine yet another business idea of their own, rather than incorporating their freedom to operate?

If you would like, drop me a quick note on any thoughts you have, based on these thoughts.

 

*Originally the Rupert Murdoch quote is claimed to read “Big will not beat small anymore. It will be the fast beating the slow”

Innovation

Fostering entrepreneurial behavior, methods and approaches within an organization, demands a culture for intrapreneurs. How do we really form a systematic approach to corporate entrepreneurship?

A possibility for large organizations is to engage in true Corporate Venturing. Within these programs internal projects can be separated and externally driven projects can be integrated. Developing a strategy with balanced risk and efforts, network, competence and a working structure for this is vital for any organization engaging in venturing.G_Posters-08

We find that organizations toggle around the issue of managing Disruptive Innovation as a value creator. Since resources are scarce and  short-term results are high in demand, the disruptiveness often gets rounded off, so that it fits into the process of continuous improvements, rather than creating new values. This leads us to an inability to extract competitive changes and new revenues from our creative ingenuity. There are ways around this though.

In an approach of innovation portfolio management, it can be visualized how corporate venturing and corporate entrepreneurship fits our strategy. We need to find ways to govern, lead and allocate resources, while attempting to follow a supporting process. Now, the cultural factors behind this is of utmost importance. From choosing functional incentives to fostering an openness to “new”.

When digging into this, we also find ways to structure and organize for radical innovation and radical collaborations.

I am facilitating a workshop about corporate entrepreneurship at this years Innovation In Action. If you feel this or any of the other topics suit your taste, you should consider joining. There are 9 other magnificent workshops to choose from when forming your personal 2 days, 4 workshops agenda.

 

Innovation

Violin bwI am an advocate of failures, my mantra being: Failure is not a result; it is part of a process. However there are forms of failure that have fatal impact and these can be avoided through leadership, focus, guts and a bit of good luck.

Failure can have many faces

One typical form of failure is that we do not find a working or acceptable solution to a given challenge or need. When a technology proves to be not working or a solution not to be accepted by the market, often enough we see this as failing projects. We can learn and iterate and solve this, or just move on.

If we move on, usually it is for the benefit of another more promising project, which is part of a contracting process forcing us to select were we spend our resources. If we redevelop and try again, we have pushed ourselves to hopefully finding a better solution, i.e. failure was a success.

Killing projects

Killing a project can be hard, but important. Making the right choice for the right reasons early on, tends to touch the efficiency curve of Innovation Portfolio management.

As we are still looking for a cost to market and revenue at market ratio and since this is to be discounted based on a limited time frame, our ability to be efficient affects the overall performance even more.

The lethal failure

Another category of failures, being that we do not have resources, strategy, stamina or guts to Innovate is the dangerous part. This trap has to be avoided at any cost; else it will cost all your revenues, customer relations and talents working for you.

Failing to innovate will over time be lethal to your organization.

When organizations like Kodak, Swedish Postal Services, printed newspapers or any other stale giant lack leaders that interpret mega trends and weak signals and guide their teams to finding solutions and offerings that fill needs and drive change, then we know we are in for a kill. And it is bloody. People lose their jobs, values are destroyed, investors lose capital, and brands are ruined and on and on… however new thinking entrepreneurs gain ground for competition- and I have to admit that I like this.

The cost of closing down, rather than Innovating, collaborating, thinking in new boxes, redesigning, shaping new business models etc., is however incomparable.

There are so many ways of innovating and it is so energizing, as opposed to the contrary. Through corporate venturing methods involving periscope investments and other innovation strategies, I have seen organizations rejuvenate their business and delivering value to all stakeholders.

Leadership for Innovation

There is no alternative in today’s business environment, than to seek and elaborate, discover new ways and continue to disrupt the common grounds.

This is a matter of leadership. Lead for success, embrace failures, and celebrate passion, engagement and efforts. Dare to build your whole organization to lead, don’t focus only on single leaders. Form your culture and operations to actually support innovation and steer its focus towards the exploration and exploitation of new findings.