“Ideas are Easy, Execution is the Hard Part.”
The History books and the patent portfolios of many great and in some cases, no longer existing global companies are filled with tremendous innovations, that never made it to market.
The innovations were held close to the vest, in secret, keeping the idea tightly guarded.
A brilliant and game changing innovation that got stuck in the existing company development process and couldn’t get out to market.
The idea was held prisoner by the way the company manages it’s development process and resources. Too few resources with too many critical priorities.
The star innovation that could change the trajectory of the company went into development and had all the edges chipped away, until it exited the development process looking exactly like all the prior products or services.
The innovation was delivered to a market whose needs change faster than the development process can deliver.
Then after time, an competitor, a start up, or a lone inventor that can execute takes on those remnants of the innovation and packages it with something new, disrupting the whole industry.
The execution problem is not one of having too many ideas, but something built into the existing development process itself that grinds the innovation to a halt.
One of the key’s we educate on to increasing your development speed is to focus on the critical few. The project team needs to have a methodology and approach that allows rapid keep or kill assessments based on the market math of new revenue streams, savings opportunity or market, technology, or regulatory risk.
The development process itself is not a checklist only approach of did you do the right things to meet the checkpoint, gate or milestone. Think of it as a real time, data driven, Business Innovation Operating System that includes weekly updates on the progress, market math changes, business risk, technology risk, and regulatory risk related to projects in the innovation pipeline.
In the Business Innovation Operating System, the project leader is empowered to make the keep or kill decision based on the factors in the project at that time. Driving execution further, or killing the idea and moving on to something else in the pipeline if the situation changes.
To increase your development speed and execution companies should embrace a Business Innovation Operating System in which every employee can explain the What, Why and How We Innovate.
If you want to learn more please join our upcoming webinar Friday 20 Feb 2015 @ 2PM EST.
Sponsored by The Innovation Garage and Innovation Engineering Network members, It features Eureka!Ranch founder and best selling author Doug Hall.
In this webinar you will learn:
The common mistakes in today’s development processes
How to get ideas to market 6 times faster
How to actually grow the value of your ideas (up to 128%!) as you take them through development
Ways to do fast development with both IE CORE and LEAP innovations
To Register for the Webinar Click HERE
About The Innovation Garage
The Innovation Garage is a business Innovation Firm driving long-term growth of companies and non-profits, from start-up to the fortune 1000.
If you’d like to learn to more about our approach to innovation education and building business innovation operating systems for our clients contact us here.
You can also learn more, request real world deployment case studies or schedule a demo of WHAT, WHY, & HOW. visit http://www.the-innovation-garage.com
To See Our Schedule for Upcoming Education Programs Click Here