Secrets of Innovation
The word ‘innovation’ has meaning to everyone whether in a business or technical sense – introducing something new, doing things better, or bridging the gap between invention and commercialization. Innovation is all about the immediate connection of products and services to the marketplace and customers.
In the ten years of the Rose-Hulman Ventures program and working with over 100 client companies, we have learned and collected a few ‘secrets’ of innovation. We will share some of ours and also give you the opportunity to add some of yours to the list.
In the ten years of the Rose-Hulman Ventures program and working with over 100 client companies, we have learned and collected a few ‘secrets’ of innovation. We will share some of ours and also give you the opportunity to add some of yours to the list.
1. Anyone Can Play
Innovation is a priority for all organizations and individuals - it lies within the grasp of anyone willing to make the reach. It is not a commodity or skill that can be controlled or mastered only by the wealthy or powerful - anyone can play.
2. It's a Team Sport
Innovation requires the talents and contributions of many people both internal and external to your organization. A significant part of the process of being innovative is building the right infrastructure and team.
3. Scopes Creep
A development project typically starts with a project scope document describing the direction and destination for the proposed work. 'Scope creep' or shifting direction is often characterized as evil and to be avoided at all cost. In reality, scopes do creep, issues arise, and it is rare that a project ends where you thought it would. Build in the flexibility to set a direction at the outset of a project and allow the project some latitude to follow its own course.
4. Speed Wins
Being innovative means sometimes trying ten new things - nine fail and one is successful. Speed in development, prototyping, and communication allows you to 'fail fast and often' to get to the successful outcomes which impact your organization and customers.
5. Walnuts Before Peanuts
Any development project breaks down into a number of tasks to be completed - and it is often the case that there are a few 'tough nuts' in there which are the difficult or challenging tasks. Work on and crack the 'tough nuts' first. Many people solve the ninety-nine easy tasks first and get stuck on that last tough one - and solving it often means going back and revising solutions to the others.
6. Communication is Key
How do we keep innovation stage projects on track - communication. Regular communication among team members - internal and external - is the key. With scopes that creep, traditional project management techniques of tracking schedule and budget often do not work. How much communication - in the daily to weekly range - more is better. What kind - email, project update reports, phone calls, and meetings will do the trick.
7. Write it Down
Innovation and being innovative is a skill and a habit. Keep a log or a journal of ideas and sketches of things to try or new ideas. Being innovative is not an 8 to 5 desk job, thoughts will often come to you at different times and places - write them down or sketch them out for later reflection.
8. Lead from the Side
A traditional top-down management style of the boss giving direction does not create a culture of innovation. Lead from the side and give your co-workers the confidence and resources to step up and try new ideas and build a culture of innovation.
What Others Are Saying
Too many people think that you must "think outside the envelope" but in reality every process
can be upgraded and improved and it takes a disciplined innovator to make
such improvements.
can be upgraded and improved and it takes a disciplined innovator to make
such improvements.
