Many of us will remember the story of the superstar racehorse ‘Shergar’. Shergar was named European Horse of the Year in 1981 and was a contender for the best horse of the century. By the time Shergar went to stud he was valued at £10 million – a record at that time in Europe. Sadly, though, in February 1983, he was stolen from the Ballymany Stud.
This article is directed at managers in large organisations who are setting up an innovation programme or significant revenue growth project in their business.
In the 1-3 year time-frame, senior managers pay close attention to the tactical side of growth. Innovation management in this context involves steady state maintenance of a fairly stable position. However, to succeed in the long-term, a business needs to be able to renew itself by innovating in response to changes in market drivers, customer needs and technological developments i.e. it needs a Plan B and maybe even a Plan C!
Large established organisations often deal with this by undertaking a strategic program to identify new growth directions - the “wheres” and “whens” of future growth, followed by an exercise to translate the strategy into reality - the “whats” and “hows” e.g. the business propositions. The challenge here is that translating future growth directions into tangible business propositions requires specialist innovation skills. Without them, mistakes can be made.
This blog examines four common pitfalls when undertaking an innovation programme.
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Driving revenue growth with innovation
Setting up an innovation program
Speeding up an innovation program