This week, we convened innovation heads from places like Chubb Insurance, Estee Lauder and Macmillan and mixed them with a world-renowned innovation expert (Professor George Day from Wharton) and one of the leaders of GE’s Crotonville leadership training center (Bob Cancalosi). Over four hours, they teased apart our shared challenge: how to unlock innovativeness, entrepreneurship, and growth trapped inside organizations.
Every week I interview five to 10 innovators and innovation experts as part of my book project. Each time I ask the same question: In your experience, what are the greatest barriers to innovative ideas realizing their potential inside large organizations?
You’ve got the idea. You know it will work. If only you can move fast enough, keep up the pace of those younger, smaller startups. The opportunity should be yours but you worry that bureaucracy will slow you down.
Whether you come up with an idea on your own or a colleague shares it with you, you will invariably find yourself at a fork in your career road. Is this an idea worth pursuing?
I wrapped up 2014 with a flurry of mind-opening interviews. I spoke to everyone from Steve Blank, the man who invented the “lean” concept, to the man who first applied that concept in a major corporation (GE). I spoke to chief innovation officers and entrepreneurs responsible for some of the most memorable
In the 20th century corporate skunk works® were used to develop disruptive innovation separate from the rest of the company. They were the hallmark of innovative corporations.
By the middle of the 21st century the only companies with skunk works will be the ones that have failed to master continuous innovation. Skunk works will be the signposts of companies that will be left behind.
Niccolo Machiavelli wrote, “Entrepreneurs are simply those who understand that there is little difference between obstacle and opportunity and are able to turn both to their advantage.” Entrepreneurs seek out problems then design innovative, profitable solutions.
Founded by two Harvard Business School grads, Bundle Organics offers a line of organic prenatal juices made specifically for pregnant and breastfeeding women. I got a chance to ask the founders how they identified and built such a fast-growing business in this unusual “white space.” What they shared can help you find your next big growth opportunity.
It may sound boring, operational, and tactical, but your distribution plan is perhaps your greatest opportunity to magnify the potential of your business. If strategy is the answer to who, what, and how, we spend too much time debating our “who” and “what,” and we give the “how” insufficient credit.
Putting Strategic back into Strategic Planning
In the last article of this series, we started covering the shortcomings of the strategic planning process (SPP). We said that a fast-changing environment, often referred to as strategic acceleration or heightened rate of competition, is detrimental to the strategic aspects of the typical SPP.