This is a question that was put to us recently online. It’s a big topic and more detailed answers will depend a lot on your specific circumstances, but we’ll try to touch on some themes that should be broadly applicable.
An important, but often overlooked, aspect of managing innovation efforts is how success and failure are defined and how they are recognized and rewarded.
How do I manage innovation more proactively? How can I ensure our innovation investments are generating positive results? These are good questions that good business innovation leaders should be asking themselves. An Innovation Framework is a model that can help to clarify and institutionalize your answers to those questions and more.
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As a company's core business matures, its leaders will need to exercise different strategies to explore more diverse business opportunities if they want to maintain higher growth rates on a larger revenue base. This often presents mature companies with a conundrum.
We just kicked off a major global innovation training program with a Fortune 100 client in Guadalajara Mexico. The level of engagement and interest in improving innovation skills was fantastic to see, but even more exciting was the focus on "applying innovation" to make a real business impact.
Amazon has been extraordinarily successful in achieving growth through very diverse products and business models via both organic development and strategic acquisitions, techniques that other large companies also use, but typically without such success. Is there something unique about Amazon that enables this and can it be emulated? We think so.
