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How the pandemic is impacting corporate innovation; how and why to empower your innovation function.

George Krasadakis

November 19, 2020

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  1. INNOVATION IN THE ERA OF LOCKDOWN George Krasadakis • The

    Innovation Mode • Nov 2020 https://www.theinnovationmode.com
  2. George Krasadakis – https://theinnovationmode.com/ HOW THE PANDEMIC IS IMPACTING INNOVATION

    Innovation is now seen as a luxury as most companies operate in a ‘survival mode’ [1] 1. The collective mindset is disrupted. People are stressed, as there is increased uncertainty and ambiguity. 2. We have limited access to typical innovation ‘symbols’ (e.g. innovation labs, prototyping facilities, collaboration spaces etc.) 3. Business leaders tend to believe that innovation is less important and/or not possible during such a prolonged crisis.
  3. George Krasadakis – https://theinnovationmode.com/ INNOVATION IS NOT ONLY FEASIBLE; IT

    IS THE WAY OUT. Companies need to invest in innovation more than ever before – with the objective to: 1. Increase the opportunity discovery bandwidth. The world is changing - new opportunities are being shaped ‘as we speak’. Having good reflexes to spot them early enough and react fast, essential. 2. Improve the organizational ‘state of mind’. Innovation can strengthen the connection among employees and teams, it can fix the morale, the shared attitude.
  4. George Krasadakis – https://theinnovationmode.com/ WORK & INNOVATE FROM HOME To

    adjust and empower the Innovation Function during times of crisis: 1. Increase its availability: Make it always-on 2. Increase its flexibility: Make it asynchronous 3. Make it more meaningful: Empower the link between innovation and the purpose of your organization 4. Increase its bandwidth: assess more innovation opportunities These can be achieved by via 9 strategic innovation initiatives
  5. George Krasadakis – https://theinnovationmode.com/ 1. BUILD A RICH INNOVATION PORTAL

    Make innovation available & accessible to all. Build a digital home for all innovation-related resources: 1. Innovation Context: Your purpose, problems worth-solving, big ideas 2. Innovation Calendar: Current innovation activities and plans 3. Innovation Toolkit: tools, templates and services 4. Innovation Knowledge: training material; examples, stories 5. Innovation Assets: a demo space exposing notable innovation artefacts 6. A ‘gateway’ to the ‘community of innovators’
  6. George Krasadakis – https://theinnovationmode.com/ 2. STRENGTHEN THE INNOVATION<>PURPOSE LINK Make

    innovation real. Present innovation as the means to achieve a bold purpose. 1. Review your purpose; ensure it is still relevant 2. Explain how innovation can help to better serve this purpose 3. Create the Corporate Innovation Agenda 4. Make it visible – add it to the Innovation Portal
  7. George Krasadakis – https://theinnovationmode.com/ 3. A BACKLOG OF PROBLEMS WORTH-SOLVING

    Inspire people, energize the community of innovators 1. Not only ideas: Invite people to innovate, also by submitting problem statements 2. Problems statements as ‘innovation assets’: regularly evaluate and prioritize them - based on the impact and the relevance to your strategy 3. A Backlog of Problems: make it visible via the Innovation Portal 4. Add ‘problem submission’ to the innovation gamification scheme
  8. George Krasadakis – https://theinnovationmode.com/ 4. AN ALWAYS-ON IDEAS CHANNEL Increase

    the inflow of ideas while also raising their quality. To achieve that: 1. Make your ideation process Always-on: Encourage people to share any idea, at any time. 2. Make it self-service: a simple process > submit & discover ideas through the Innovation Portal. 3. Provide a template for ideas: Help people articulate their ideas, or product concepts and features. 4. Provide ideation event templates: Standardize the ‘idea generation events’- e.g. brainstorming. 5. Initiate ‘Lightweight Hackathons’ and ideation sessions
  9. George Krasadakis – https://theinnovationmode.com/ 5. AN ALWAYS-ON DISCOVERY PANEL Improve

    your opportunity discovery capability: spot more high-potential ideas, faster. 1. Establish a regular review process: a panel with the right experts, to evaluate and prioritize problems and ideas; based on objective criteria 2. Create an action plan: A high-potential idea; then what? Forward them to the right teams/ stakeholders to take action, immediately. Educate innovators. 1. Adopt an educational attitude: Provide constructive feedback to innovators; act as innovation mentors.
  10. George Krasadakis – https://theinnovationmode.com/ 6. THE COMMUNITY OF INNOVATORS Create

    a force of innovation from within– a core of enthusiasts who boost the culture of innovation 1. Communicate - encourage people to join, to contribute and learn 2. Recognize those informal innovation activities in formal performance reviews; and with your gamification program 3. Visualize the community – members, activity and achievements - via the Innovation Portal 4. Empower the community by providing additional autonomy and resources
  11. George Krasadakis – https://theinnovationmode.com/ 7. PROTOTYPING & TESTING AS A

    SERVICE Streamline the Prototyping and Validation function; hide complexities and offer it ‘as a service’. 1. Build a team: a cross-functional team that knows when and how to test a concept – to make faster and better decisions. 2. Establish a smart intake process: not all ideas need to be prototype; help business users to submit valid requests. 3. Connect the talent: link the prototyping service with the community of innovators – to source specialized skills 4. Communicate and promote the ‘prototyping services’ via the Innovation Portal
  12. George Krasadakis – https://theinnovationmode.com/ 8. MEASURE WHAT REALLY MATTERS Set

    the right pace and style for innovation. Make systematic measurements and react wisely. 1. How do people feel? Track the morale of employees and the general sentiment 2. How do people engage with innovation? Track the engagement with innovation activities, events or content 3. Do we have the right pace and style of innovation? Correlate data and infer the type of activities, events and the right frequency. 4. An innovation improvement cycle: Improve, measure impact, iterate.
  13. George Krasadakis – https://theinnovationmode.com/ 9. RETHINK INNOVATION AS ‘ALWAYS-ON’ Put

    innovation at the core. Welcome innovation activities at any time; in or out of context. 1. Include innovation into your daily agenda. Use every opportunity to mention innovation results, insights, activities, failures 2. Listen to the market. Establish a systematic connection– bring in competition insights, emerging trends, news and updates 3. Reward & Celebrate. Quantify innovation activity, use gamification principles to regularly identify and celebrate the top performers Through your central point of reference: the innovation portal

    space People spot problems People propose solutions Business Stakeholders Discover Opportunities Prototyping experts build & test concepts Innovation Gamification program Market & Competition Insights Ideas Market trends & dynamics INNOVATION OPPORTUNITIES https://theinnovationmode.com/ https://www.theinnovationmode.com/
  15. George Krasadakis – https://theinnovationmode.com/ Ensure that your Innovation Function is:

    1. Always-on 2. Asynchronous 3. Purposeful 4. Has increased Bandwidth RECAP: THE INNOVATION FUNCTION AT TIMES OF CRISIS
  16. INNOVATION IN THE ERA OF LOCKDOWN George Krasadakis • The

    Innovation Mode • Nov 2020 https://www.theinnovationmode.com