So you’ve decided innovation is the growth lever you want to pull.
The next thing to confirm is that you are set up for success.
Do you know why your previous innovations have succeeded or failed? What were the conditions for success?
Are you clear on your innovation archetype? For example, are you more responsive to consumer needs? Or are you led by technology and what you can make? Understanding your strengths and capabilities is vital.
Is your organisation aligned on the importance of the innovation’s success and what you are trying to achieve? Do you have a mandate from your executive committee?
Is there a clear route to market, and do you have the right team and functions to support the innovation?
Failing to prepare is preparing to fail. So making sure you are set up for success is a critical step before getting started.
Join us next time as we explore the third question: Where does this innovation fit in your portfolio?
Thanks for watching.
