At Facebook, rather than asking permission, teams are encouraged to build and try things and then course correct if necessary, says Jocelyn Goldfein, director of engineering at Facebook. In response to a question from STVP Executive Director Tina Seelig, Goldfein also explains how Facebook CEO Mark Zuckerberg manages to stay tapped into product development across the organization.
This is the second part of a three-part article series. In the first part we illustrated that firms are investing heavily into the early phase of innovation. In this second part we show that despite of all these investments, innovation results remain disappointing. We call this the “corporate innovation problem”. We provide some metrics and find that there are two root causes. In the upcoming third part we will suggest that six levers can be used to address one of the root causes. We believe that moving these levers can provide a solution to the corporate innovation problem – and ultimately lead to increased innovation performance.
“Before you can create, you must forget,” writes Vijay Govindarajan (VG), one of the world’s leading experts on strategy and innovation in his latest book “The Three Box Solution – A Strategy For Leading Innovation.” Why does VG say this and what can we learn from him?
Innovation is at the top of the Management Agenda for many companies. For excellence in innovation, companies have to master the chain of activities from discovering valuable insight into unmet customer needs to successful market adoption.
However, despite large and growing investments into innovation, results remain disappointing. We call this the “corporate innovation problem”. In this 3-part article series we dig deeper into this problem and find that there are actually two root causes for it.
We focus on one of the root causes – the “system problem” – and work out six levers of improvement. Acting on these levers offers a solution to the corporate innovation problem and ultimately increases innovation performance.
An entrepreneur does not run a business with his or her acute business acumen alone: it comes with leadership skills. Here are some tips for a startup entrepreneur.
Lands’ End CEO Federica Marchionni discusses the importance of recognizing weaknesses as opportunities for growth. She uses the clothing company’s push to open a 9,000-square-foot flagship store in New York City in just six weeks as an example of an opportunity for her company to prove that it could be quick and nimble under intense pressure.
One of the biggest mistakes business owners make is thinking they can run their business alone. They think they can do all the heavy lifting by themselves. However, they are making a vital mistake. It takes many people working together to make a business run effectively. By failing to see this simple fact, business owners are putting themselves and their business in danger. By trying to control everything, they are limiting their company’s’ potential profits.
As organizations increasingly focus on building corporate cultures that are more open to new ideas, they are examining ways that they can engage a range of employees in innovative thinking and actions. In the past, the answer to this kind of effort was to run a challenge and pat yourselves on the back for a job well done.
Authenticity and innovation are two of today’s biggest corporate buzzwords. They are often considered as separate values, but in reality they have much in common and in this article we will examine the areas of overlap and potential leverage benefits.
You’ve heard it a thousand times: companies need to innovate in order to survive. The Googles and the Apples of the world are doing it- Google famously used to require employees to dedicate 20% of their time to innovation. But what exactly does it take to create a sustainable innovation program, especially if you are in an industry that is traditionally risk averse?
In the past year or so corporate innovation leaders have clearly taken an “ecosystem” perspective to their innovation activities. What this ultimately means is that they view all of their program’s activities as a connected whole and driving towards higher-level goals, often aligned with broader cultural change.
So you’re thinking of tapping your employees or customers for ideas. You’ve read some exciting crowdsourcing case studies and it seems like a no brainer. Or you’ve used a consultant but now want to go it alone? What could possibly go wrong? If you’re like a lot of first timers, you’ll get the software all set up, announce the challenge, and sit back with great expectations!
Made any New Year resolutions yet? Yes you’re right; this is another of those articles which appear at the turn of the year and encourage you to do more, be more, achieve more in the year to come. But unlike many of those article writers I don’t really care if you take up my challenge in January or July; what I do care about is that if you do take up my challenge you have the determination and staying power to carry it through.
Effective communication is at the heart of innovation: harnessing insights from customers, partners and co-workers, sharing ideas, building upon points of view, advocating and gaining support for one’s innovations all require razor sharp communication. Interestingly enough, communicating effectively is a two-way street. The sender and receiver of information are both responsible for landing it appropriately, and both sides need to actively participate. Two simple, but powerful behaviors that can help increase the efficiency of communication are listening and declaring.
Based on our work with pioneering enterprises in Silicon Valley and around the globe we have learned a great deal about what makes innovation prosper. This article reveals some surprising insights on how prepared our institutions are to successfully compete for the future.