The innovation dilemma

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-Jose Carlos Tenorio Favero

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Developing innovation in any organization is not just a question of having “innovative” employees. You must consider certain aspects in order to make innovation a business oriented strategy and not just a work fad.

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It helps when projects or business units are given specific innovation objectives. For example, project leaders must establish innovation goals as part of their work plan. Audits can be carried out periodically in order to oversee progress and this can be linked to the team leader´s performance evaluation. 

However, when you need to turn ideas into measurable actions, certain aspects need to be considered:

-Budget: how much are you willing to invest in innovation? some ideas need additional budget in order to proceed to the development phase. You also need to analyze how long it will take before hard returns start to pour in. 

-People: how many people will be requiered in order to develop the idea? will a full time employee be enough, or do you need build a team in order to get it done? is this feasible for the organization?

– Evaluating ideas: who will become responsible for revising ideas and approving them so that we can turn to the development phase? 

-Networking: can we team up with external business partnes? and academia? what sort of alliances are being built up so that ideas also come from outside the company

– rewards and recognitions: what mechanisms are in place so that people are recognized for their efforts?

– Capturing ideas: is there any formal mechanism that allows employees to share their ideas with the rest? If your´re looking for ideas have a look at these web pages: ideas4all.com; quirky.com

– Patents: don´t miss out on the legal issues. Team up with your legal department for this one. 

These are some key aspects that must be considered in order to turn innovation into a solid business framework. Capturing ideas is great as long as you can secure what comes next. 

2 responses to “The innovation dilemma

  1. Pingback: The innovation dilemma | Knowledge Management, ...·

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