Well done! You’re doing well in several areas, but there’s room for improvement. Here are our top suggestions that typically help Experienced Innovators advance their innovation capabilities.
Tip #1 – Diversify your innovation portfolio
Taking a portfolio approach to investing in opportunities, innovations, new products and services, and business models will help your organization go beyond day-to-day improvement and growing the core business to thinking more about the future. In our diagram, Horizon 1 represents work you’re doing today, Horizon 2 covers near-term opportunities that are a year or two out but still achievable, and Horizon 3 represents activity that will happen 3-5 years from now. While Horizon 3 efforts come with higher risk due to uncertainty about the future, maintaining a balanced portfolio will spread your investments across different areas of return. A diversified approach will also ensure that you’re already accelerated at a fast enough pace to factor in the impact of emerging technologies, trends, and disruptions to your business. Otherwise, it will be extremely difficult to move your very large organization to respond to a threat or trend, and your effort will be too late. At Singularity University, we will help you build important competencies to better lead and future-proof your organization.
Tip #2 – Embrace all the components of innovation
Innovation is an overused word these days, and few people have an agreed-upon definition of what it means for their organization. Is it strategy? Is it a department? Is it the culture that you’re driving through your company, employees, and customers? We believe it’s all of the above. To make sure these efforts create lasting and measurable change, your organization needs a process for innovation that’s as sophisticated and mature as it can be, leveraging the latest best practices. And you need a dedicated innovation team that’s trained to use the best tools and methodologies and can execute over the long-term. At Singularity University, we can help you build a robust innovation capability that will let you execute at the speed of exponential change.
Tip #3 – Leverage the crowd
Crowdsourcing and crowdfunding are the staples of a sophisticated innovation process, but effective ideation requires a high-quality pipeline. Knowing which community to leverage for ideas and insights is critical to the success of your open innovation strategy. At Singularity University, we empower organizations to build solutions to humanity’s biggest challenges using exponential technologies. Doing so requires the right mindset and bold thinking, as well as input from the brightest minds in the world. We can help accelerate your innovation by sourcing ideas from our global community.
See how we can help you innovate
At Singularity University, we help enterprise organizations (whether for-profit, nonprofit, or public sector entities) at every stage of the innovation journey to become exponential enterprises—organizations that can innovate at the pace of exponential technologies like AI, virtual reality, 3D printing, and others that are rapidly altering every competitive landscape and whose leaders have the right mindset and competencies to leap into the future right now.