How might we deliver innovations in a sustainable way?

Let's say that an acceptable definition of innovation is the successful introduction of a solution in a market.

The main purpose is to create a positive impact in users by solving existing problems or delivering new gains while allowing businesses to profit from their commercialisation with the minimum possible environmental and social harms.

If we agree on this definition then, how might we deliver innovations in a sustainable way? 

Maybe the “big answer” might include using an Innovation Ecosystem, an innovation management framework that would allow organisations to turn their aspirations into positive impact, not only for the business, but also for the users.

Innovation Ecosystem "pillars"

An Innovation Ecosystem has four pillars. Here are some of the questions that need to be discussed by the team in each pillar:

🎯 STRATEGY

- Why does the company need innovation? 

- What would the focus of innovation be: increase revenue, profit, market share, brand equity or would it be focus on decreasing costs or harms? 

- Would innovation be the only driver for these business objectives? 

- Where are the spaces for innovation that we should be playing and which not?

- How many innovation projects can we manage at the same time?

- What is the level of risks that we are willing to accept for our Innovation Portfolio?

- Which capabilities do we need to execute our innovation portfolio?

🎯 GOVERNANCE

- Do we have a clear framework of our innovation process that will help everyone to understand the process to manage it properly?

- Who will manage the innovation framework and how are we going to approve the use of our resources?

- How are we going to measure the performance of our innovation ecosystem?

- Do we have the right capabilities to execute our innovation portfolio?

🎯 CULTURE

- How are we going to prepare and permanently inspire and update the business for the innovation journey?

- Do we have the right mindset for innovation? Are we flexible and mature enough to deal and learn from our failures?

- Do we have a strong network of internal and external stakeholders that can help us throughout the implementation of our innovation projects?

🎯 PRACTICE

- How are we going to identify the right problems to solve?

- Are we going to design and develop a full fidelity solution from the beginning or would it be a progressive fidelity?

- How are we going to validate the potential of our solutions?

- When would it be ok to turn off a project?

- How are we going to identify and connect with our Early Adopters?

- If our solution is validated, how are we going to scale it up?

There are several models for managing innovation, and as a former teacher used to say, “all models are wrong but some of them might be useful”. 

Hopefully, you might be interested to use the Innovation Ecosystem approach to spark some conversations with your team. 

It’s all about improving the quality of the “sound” of your innovation “band”.