How important is transformative innovation to your company and are you willing to invest in it? John Carter, a product development expert and inventor, shares his advice for how to nurture innovation within an organization.
He believes a governance structure that includes the following is a key to success:
- Governance: Get the right leaders to the table and give them oversight of fragile innovations. They allocate capital from the pool of venture funds.
- Process: Establish a process for receiving and selecting ideas; identify how to transfer ideas into development using clear entrance and exit criteria.
- Finance: Create a specific investment for the strategic innovation portfolio and approve it in the budget year. Make it large enough to start at least three projects.
Carter emphasizes that for true innovation to happen, the employees focused on the project should be moved out of the organization into a protected space, away from everyday distractions and tasks such as Slack, email etc. “The biggest place where innovations fail is transferring out of this protected zone and into the company.”
Accenture | SolutionsIQ Alalia Lundy hosts.