The Harvard Business Review blog publishes a very interesting post by Scott Anthony, managing partner of the innovation and growth for the consulting firm Innosight, in which he outlines five ways of boosting innovation in the corporate (and, I would also suggest, in the not-for-profit sector).
Here they are:
1. Form small, focused teams. Small teams almost always move faster than large teams.
2. Push to learn in market. …he search for tomorrow’s business has to be conducted in or close to the market.
3. Measure learning, not results. Executives should pepper teams with questions like, “What did you learn? What do you still not know?”
4. Tie funding to risk reduction, not the calendar. Most venture capitalist… provide sufficient capital for the entrepreneurs to address critical uncertainties like whether they can overcome key technical challenges, hire the right team, or convince customers to pay for a given solution.
5. Ensure decision makers have the right experience to guide the team before the data are clear. Important new growth initiatives are typically overseen by a company’s top management. But if the intent is to search for a new business model, the company’s top team almost by definition lacks experience with it.
Read HERE the entire post.
I found these suggestions to be extremely helpful. What do you think?