3. Choose the right innovation model
There are many different types of innovation programs. You could choose to:
- assign a designated internal innovation team that drives innovation throughout the business
- invite employees from different departments to contribute ideas in a series of innovation workshops
- bring in external innovation consultants to flush out your business's innovation potential
- partner with another business, for example a startup that has developed an innovation of interest to you.
4. Define your innovation framework
Next, it’s time to put an innovation framework in place. It's like a blueprint your innovation team can follow and helps you measure the progress and ultimate success of the program.
Your innovation framework should comprise your overarching goal, the customer needs you aim to meet, and a series of milestones or deliverables you expect to come out of the process. This can help you strategically work towards a positive return on your investment.
5. Monitor and measure your progress
Unstructured, unmonitored innovation efforts can easily spiral out of control, missing any real business outcomes. While you should encourage creative, out-of-the-box thinking, an innovation program can help you formalise and direct this process to achieve more measurable results.
So make sure to monitor your innovation team’s output and measure it against the milestones and deliverables you’ve set as part of your framework. This way, you can ensure your program stays on track.
Innovation can deliver valuable outcomes that help drive the success of your business. Implementing a specialised innovation program that's aligned to your objectives can help keep business innovation on track to deliver tangible results.