The Benefits of Incorporating Ideation in an Open Innovation Strategy
But is ideation worthwhile? Does it deliver value? It certainly appears to on the surface. However, in my experience, it all comes down to a robust strategy – not just for idea collection – but a strategy that determines how ideas will be handled, evaluated and funded in the back-end.
The road to success must include:
- CEO sponsorship of the ideation process – the launch email should come from the CEO (or someone very high up in the organisation)
- Strong governance – Innovation Board ideally
- Well defined back end structure – not just a few ppt slides, but every aspect thought through
- Dedicated funding put aside in the budget for those ideas that look to show promise
- A structure to enable business-case development for promising ideas – this is an excellent HR opportunity for high-potential team members
- Constant reporting back to idea generators as to progress
- The definition of categories for the ideas as they are posted
- Ensuring that the evaluation of the ideas is not centrally focused, but spread around to people who have no baggage in properly evaluating the idea
- The ability to distinguish between disruptive and incremental ideas, and deciding on how each type will be managed – end to end
You might like to read an interesting paper by Cesar Castro who worked at Innocentive as VP of Business Development. It sheds some light on this interesting Innovation practice.
- Airbnb – An Excellent Example of Disruptive Innovation - November 4, 2019
- Five Steps to use Innovation to find Market Growth Opportunities - September 23, 2019
- How to recognise Innovation Theatre - September 2, 2019
- 5 Ways to Create a Customer Centric Strategy - August 22, 2019
- The Future of Leadership – Empathetic Leaders - August 11, 2019
- Creating Time for Innovation - August 5, 2019
- 10 Lessons to Learn From Startup Failures - August 5, 2019
- The Top 5 Digital Transformation Insights from Mary Meeker’s 2019 Internet Report - June 20, 2019
- Bridal Wear and Business Model Transformation: What do They Have in Common? - June 19, 2019
- How Amazon is Reinventing Retail – Literally from The Ground Up! - May 28, 2019
Managing Director, The Strategy Group
Dr Tobias is an accomplished innovation consultant and entrepreneurship strategist, drawing expertise from the academic, entrepreneurial and corporate worlds. Jeffrey’s commercial and business experience is particularly focussed on lean startup, design thinking and leadership. Prior to The Strategy Group, Jeffrey was Cisco’s Global Lead for Innovation in the Internet Business Solutions Group helping Fortune Global 500 companies improve customer experience and grow revenue by transforming how they do business.
Jeffrey is a professor of innovation and entrepreneurship teaching MBA students at the Australian Graduate School of Business at the University of New South Wales. An active angel investor, Jeffrey is on the board of various well known startups. Jeffrey’s corporate background includes leading global innovation strategy at Cisco, working with large corporates such as Adobe, Westpac, Telstra, Woolworths, and Perpetual.