“Innovation is 1% inspiration and 99% persistence.” – Thomas Edison

 

Innovation Execution is a challenge in many companies.

Applying a proper mix of the basics and best practices can help to accelerate the time to results.

Our INEX approach helps companies to accelerate time to value for their most critical innovations

Innovation is about commercializing creativity and ideas. The big hype about innovation, maker labs and idea challenges is widespread in many companies. While this strong push for innovation enables many breakthrough ideas and new business models it hides an inconvenient truth: Many companies are still very weak in turning their brilliant ideas into reality. We call this the “Innovation Execution Gap“.

 

According to research 60-70% of ideas and innovations never get fully executed in organizations. There are multiple reasons, but the most prevailing ones are

 

 

– the lack of management commitment in the execution phase,
– insufficient skills and experience in the team,
– the absence of rigorous project management,
– too many innovation initiatives that are put on the shoulders of existing staff (who also need to run the core business)

 

Impact:

Waste intellectual and financial capital

Thousands of wasted hours of intelligent people,

Thousands of often millions of wasted money,

Damaged or destroyed careers,

Missed market opportunities

 

 

Our Approach

 

Based on our experience we have seen approaches, that if blended in the right way can provide a reliable way of turning innovation into reality. Our approach is called INEX (Innovation Execution) and it covers all steps from Ideation to a fully operating business, new product or service. INEX is built on 3 essential pillars:

 

Pillar 1: Idea to Concept (I2C)

From Idea Generation through validation/feasibility to concepts that are ready for implementation

CO-CREATE WITH CUSTOMERS

Learn at scale through customer collaboration. R&D is not business model innovation!

Define the concept and understand how it will create customer value.

Get out if the building, talk to your customers and get feedback on your product/service. Be willing to pivot

Applied Processes, Methods, Tools, Management techniques: Agile PM, Strategyzer, …

Pillar 2: Concept to Start of Business, Product, Service (C2P)

 

INTEGRATION: Integrate the business, operating and capability model

Business model / Go to market: Segment your plan, so that you can take step by step to win the market. Capture feedback.

Operating model: …

Capability model: Build a team that is driving the product idea, clever marketing and financial management into a winning combination

CREATE AN ENVIRONMENT FOR SUCCESS

– Direct link to the strategic plan: how the project (aka the new business) supports the strategic plan

– Full support with clear management commitment

– Clear articulation which level of risk is acceptable (Quality, Cost, Time)

– Don’t put small circle into big circle – resist to integrate

– Don’t take Innovation execution lightly: Ensure that you have a committed and experienced team

– “Freedom within a framework“: Provide  structure for disciplined experimentation

– Strong project management with experience in International projects

– Rigorous planning (in an environment of uncertainty)

– Close tracking of progress, risks and opportunities

– Strong cross-functional collaboration and integration

– Build a dedicated team that works in partnership with the existing organisation

Applied Processes, Methods, Tools, Management techniques: Agile PM, Strategyzer, …

Pillar 3: Product to Scale (P2S)

 

To learn more or to discuss your specific needs please use the chat box, call us at +49 89 461 331 686 or mail us at info[at]sharedvaluechain.com

mkdf-team-image
Michael D’heur
Strategy | Product Development | Supply Chain | Sustainability