It used to be the case that core businesses were expected to focus on cash, ROA, and not to cause problems! Sounds familiar?

But that’s now changing – core businesses are expected to grow at a faster rate than ever before, and branch out into new markets. Hence the phrase: “You’re not a core business anymore if you’re not trying to grow”, which I heard a few days ago in a meeting with a business leader - it struck a chord. Unfortunately, there isn't an instant ‘growth switch’.

This article is directed at innovation managers in large organisations.

A previous blog highlighted four common pitfalls when managing a major innovation initiative:

1.      Having unclear objectives and plan
2.      Applying a one-size-fits-all approach to innovation
3.      Spending too much time looking inside instead of outside your business
4.      Using the wrong innovation tools

This blog covers point number 3 in more detail: Spending too much time looking inside instead of outside your business.

When it comes to innovation and business growth, we musn't lose sight of an important question: “What business problem do we need to solve, and why?” 

It’s not an easy question to answer. It requires a mix of probing around, analysis, asking the right questions and some straight-talking! If you find yourself in this situation, there’s a great scene in the film “Moneyball” which is worth watching - it's the "What's the Problem?" clip.