25 Steps to Jump-Start your Innovation Journey

We’ve covered some essential ground to help you prepare your innovation journey, and now it’s time to put these concepts into action. The innovation formula addresses the very specific tasks that have to be accomplished for innovation to emerge from your organization not only as a matter of luck or at random, but through a concentrated effort that results in sustained innovation management performance. Here you will find the Taking Action steps along with 25 additional suggestions that we hope will help you to think and plan creatively and productively about how to make innovation a reality in your organization.

Is it realistic to suggest that there’s actually a formula for innovation? If you have been reading the previous chapters, you certainly have an opinion about that question.

Change and complexity, the external world that seems to be different nearly every day. Risk and the need to come up with great ideas, and to balance potential rewards with the risks

that come with striving to attain them.

Your Innovation Team

This will be a dynamic group of people from many different backgrounds who have vital roles to play in support of your firm’s innovation objectives. Without knowing the specifics of your situation, your organization, and the unique challenges you’re facing, please consider the following as a suggestion and a general set of jobs or roles that are useful to the successful pursuit of innovation in a small organization, that is, your company.

“The roles that we think are most important to your organization’s innovation performance line up with the elements of the formula....”

Risk Management: The Portfolio Manager

The next major topic in the book was risk management, and we described the importance of an innovation portfolio as the right tool to help you find the right balance between risk and reward. Since you’re likely to have an innovation portfolio it will need to be managed, and thus it is a specific responsibility to track the innovation portfolio and monitor the progress of each of the projects that’s being worked on. If your firm only has one or two innovation projects then this role won’t exist, but if there are five or ten of them then it can be quite helpful to have someone monitoring the progress and making an update every week or two.

Leadership: Peers, Partners, and Advisors

Our next topic was leadership, and you should certainly spend time regularly honing your leadership skills. In addition, many small business leaders...….........

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