The 7 Treasured Lessons from Corporate Innovation Experiences

I’ve been part of different corporate innovation initiatives from 2008 till date. And during this tenure, the most noteworthy change is that corporate innovation has transitioned from “Nice to Do” to “Good to Do” to “Must Do”…

Along this journey,
• I have had the opportunity to play a diverse set of roles and shouldered varied responsibilities – The key ones being a Business Owner to a Project Manager to a Business / Process Analyst to a Marketing / GTM (Go-To-Market) Specialist to Solution Specialist to Requirements Specification Owner
• I have interacted with a diverse set of individuals – internal and external to the organization {partners, analysts, customers (Diverse domains, Diverse positions in the organizational hierarchy [starting from the CEO to end-users] and from different parts of the globe}
• I have been involved in diverse kinds of innovation projects – from business to technology to process; each with a different team composition (2 to 20)

And the bottom line is this – Each of these initiatives achieved a different level of success.

How do you define the success of a corporate innovation?
The answer is simple and straight forward: The innovation initiative should generate the promised Return on Investment. If not, it is usually considered a failure in the business sense.

Going purely by this definition, I’d have to confess that some of the corporate innovation initiatives that I’ve been a part of were SUCCESSFUL and some were FAILURES…

Did we have cool ideas? Sure – We did!
Did we have a grand vision? Sure – We did!
Did we have a great team? Sure – We did!
Did we build what we set out to? Sure – We did!
Did we win business? Sure – We did!
Did we impact the organizations brand image in a positive way? Sure – We did!
Most importantly, Did we LEARN, GROW and EVOLVE? Sure – We did!

In this article, I will list the 7 TREASURED Lessons from the experiences in CORPORATE INNOVATIONS that I was a part of:
1) There are three distinct phases in the Innovation Life Cycle and each requires a different mind set
2) Your idea need not be unique; How you position your innovation makes all the difference
3) The Business Plan is just a baseline plan
4) When you start the GTM [Go-To-Market] activities can make all the difference
5) The first customer is the most crucial in your journey to success
6) Corporate Innovation should be a priority from the top
7) Internal communication and collaboration is critical to succeed

For full reading, refer to my artcile in the IIMB Alumni Magazine | Summer 2012 (pages 22 – 25)

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3 comments on “The 7 Treasured Lessons from Corporate Innovation Experiences

  1. Pingback: The 7 Treasured Lessons from Corporate Innovation Experiences | business analyst | Scoop.it

  2. very good info that is presented in this post. i prefer to read this kind of stuff. the quality of content is fine and the language is interesting. thanks for your kind support

  3. Pingback: The 7 Treasured Lessons from Corporate Innovation Experiences | HigherEd Technology 2012 | Scoop.it

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