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 – You can’t improve what you don’t measure
What gets measured is what gets done, as the old saying goes. At Singularity University, we believe you must collect, analyze, and measure all of the different components of your innovation strategy, future scenario planning, and innovation activities overall. By deeply understanding the measurable impact of your innovation work, you can learn faster, react to marketplace and disruptive trends, and track your progress over time. You will want to track a number of key metrics, including the number of ideas submitted, refined, incubated, and commercialized. You’ll also want to track how many startups and technologies you’re monitoring to see the disruptive technologies being developed in real time. Additionally, you’ll want to track how your organization’s ability to innovate and drive an innovation culture is changing over time. And finally, you should also monitor how quickly the exponential technologies relevant to your business are speeding up and changing the market around your company.
Tip #2 – Track disruptive threats
Assigning explicit ownership of this function is critical, but understanding your business, your plan, and your strategy is only the beginning. You need peripheral vision, too, in order to understand emerging technologies, recognize how and when they’ll impact your business, and avoid being blindsided. At Singularity University, we monitor global hotspots of technologies to understand what’s being built, what startups are on the verge of breakthroughs, and which technologies are being incubated in the different labs around the world. We regularly track these developments to see the implications to our clients and provide an early warning about potential disruptors before they have any impact. Moreover, we facilitate connections to help our clients to partner with or buy the disrupters or to acquire their IP. At Singularity University, we can help provide the early awareness and maneuvering time you need in order to react before you’re disrupted.
Tip #3 – Act like a startup
Building new products and services with exponential technologies takes bold thinking, and bringing them to market similarly requires bold new business models. That’s why the last phase of our process at Singularity University is called leaping. We help clients not only catch up with their current competitors but also leap ahead of the market and stay ahead. We believe that building products with exponential technologies provides a unique opportunity to incubate, accelerate, and launch them in such a way that companies can become future-driven organizations that enjoy long-term market leadership and brand loyalty.
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.