Defending against the Innovation Killers

We talk so much about how to spread and grow innovation, but what kills innovation? What attitudes might hamper its progress?

When it comes time to align your people and begin exploring new ways of creative thinking, you have to think along both fronts: What will our audience respond to, and what might turn them off? Here are some attitudes that you may encounter as you begin your collaborative innovation efforts, and some ways to respond to them (courtesy of Imaginatik Solutions VP Elisa O’Donnell):

“Where’s the data?”

Right off the bat, you may encounter skeptics. They’ll be looking for the return on investment before an idea is fully fleshed out.

HOW TO RESPOND: The key in any idea-gathering exercise is to use developmental thinking and nurture an idea so it is strong enough to go into a quantitative evaluation mode. This is different from the decision-making mode commonly found in business cultures. Demonstrate an idea’s entire lifecycle, from concept through to implementation and ROI calculation, to help them see how innovation is taking place.

“We can’t do that!”

This is the mantra of the Naysayer. When you’re breaking people out of old ways of thinking, this can be a common response.

HOW TO RESPOND: The key is to take the naysayer’s concerns and flip them into problem-solving mode.  Try turning “We can’t do that” into “We could do that if …” and address how to overcome concerns so that ideas are strengthened and transformed.

“We want to be like Apple/Google/Amazon …”

It’s great to have aspirations, and want to invent the next iPhone. So why does that hamper innovation? Because unless you are truly willing to take a risk, to accept some fog and uncertainty, you can’t get there.

HOW TO RESPOND: Instead of the next Big Thing, focus on multiple small wins that build confidence and success to drive momentum toward bigger things.

What Innovation Killers have you found?

The secrets to financial innovation

Where is the next wave of innovation in financial services going to come from?

Mobile technology and web-based social media are already changing the ways in which we do business. But more than this, anticipating and preparing for this change will be critical for the world’s financial institutions to keep up with a rapidly transforming industry.

In this free white paper from Imaginatik, Chris Skinner of the Financial Services Club explores the state of innovation in financial services and looks at how mold-breaking mentalities are making consumers rethink how they interact with this evolving sector.

Visit the link above to download the white paper. You may also watch the recording of Skinner’s webinar on this topic held in April.

Find us at FEI 2012 – you could win an iPad

Imaginatik is conducting an innovation maturity survey with organizations throughout the world for an upcoming research paper on trends in innovation. And we’d like your help.

If you take the survey at the Front End of Innovation Conference May 15-17 in Orlando, Fla., you’ll automatically be entered in a drawing to win an iPad 3.

Just visit Imaginatik’s booth at the conference – the survey is short and will go a long way toward developing benchmarks for organizations like yours as they align their innovation goals with business strategy.

iPad 3

And don’t miss this offer …

To further improve your approach to the entire innovation process, Imaginatik has expanded its consulting services. These new techniques include complete methods for aligning leadership around innovation goals, building a culture of creativity and breakthrough thinking, and training and engaging all employees in innovation.

Learn more about these effective new strategies at our booth. If you haven’t already registered for FEI 2012, use code FEI12IMAGINATIK to receive 25% off the standard & onsite rate to attend the conference!

Thank you in advance for your participation, and we look forward to seeing you at FEI!

Innovation in finance? You bet!

After Lehman Brothers in 2008, “financial innovation” was a dirty word. And perhaps deservedly so. But the public stigma overshadows very real innovation in the industry.

Chris Skinner, founder and chair of the Financial Services Club, knows how financial innovation works best. He believes that innovation is crucial for financial firms’ future – and also eminently possible.

How does a traditionally conservative industry lead innovation? We invite you to join our upcoming webinar, at which Chris will discuss the secret to financial innovation: look outside the industry for inspiration.

New customer trends and evolving technologies determine the pace of innovation, and successful financial innovators recognize this fact. They look beyond the limits of their own firms to identify and leverage these outside trends. That’s how Bank of America captured the wave of internet banking, and how Square has revolutionized the industry through mobile payments.

To hear more from Chris Skinner about how financial and insurance firms can innovate successfully, don’t miss the upcoming webinar on April 24th. Chris will discuss his insights on how innovation happens in financial services and insurance. He’ll also provide practical guidance and advice on how to approach innovation within *your* organization.

New paths to innovation in manufacturing

Over the past several years we’ve seen a shift in the innovation efforts of traditional manufacturing companies. While new ideas typically were left to the folks in R&D, that often gave business leaders a bevy of incremental improvements and occasional, often random breakthroughs.

That system is hard to manage, and hard to qualify.

As more organizations begin to operationalize innovation, their breakthroughs are expanding. Goodyear, for example, opened a communication channel to its suppliers to improve the ways in which they work with each other. It wasn’t about creating new products, necessarily, but improving on the processes they already had in their supply chain.

Recently, software analyst Derek Singleton explored how crowdsourcing is being applied to mainstream manufacturing. While he identified three major ways in which manufacturers can (and do) bring ideation into their operations, he raises an important point: Why aren’t more companies following suit?

To overcome barriers to innovation in manufacturing, he’s identified a few strategies to make crowdsourcing more mainstream. We’d like to expand on them:

1. “Start small and work your way up.” Marc Halpern, Vice President of Gartner Manufacturing Industry Advisory Service, suggests starting small with innovation around a product that’s not core to the business. The opposite is also true. “Instead engage courageous bold leaders to tackle a substantive issue close to the business,” says Imaginatik client consultant Bill Truettner. “Be deliberate and focused about selecting the right problem and opportunity. Get the sponsorship you need, then carry it all the way through the process.”

There’s another force at play here: a success dynamic. The more comfortable employees get with a structured innovation process, the more often they want to engage. If they’re innovating around a fringe product not successful to the core business, Truettner says, no one’s going to care. If you want to create a success story that propels your program, select something that’s a strategic, high-impact opportunity.

2. “Protect intellectual property by dividing responsibilities.”  Truettner says this can be managed if you choose your audience carefully. Companies may select people bound by the terms of their employment or have a personal reason for keeping their IP protected. In an ideation challenge, he suggests embargoing the information before it is releases to the whole crowd, and having a channel that can decide what information is appropriate to share with everyone.

3. “Make it easier to share design files.” The challenge, always, is managing how many files are flying around at any one time. That’s why it’s crucial to have a mechanism that can identify similar ideas and avoid duplication.

Crowdsourcing in manufacturing is only one small but important step. Once an organization collects ideas you have to vet them, have experts prove them to be viable, then evolve them into projects to be implemented.

“It’s about getting the ideas that get results,” Truettner says.

Open Innovation Today: Case study

Howard Smith of CSC presented a case study of his company’s innovation platform, built on Innovation Central, at the Open Innovation Today conference in Sweden this week.

In this video he demonstrates how Imaginaik’s platform captures ideas in the “fuzzy front end” of innovation and helps people collaborate to transform those ideas into concepts and projects that provide business value.

You may also download his slides here.

Recap: ILF 2012 Boston

Rick Smyers and Luis Solis at ILF 2012

Click the images below to see our coverage of the presentations at Innovation Leaders Forum 2012 on March 8 in Boston. For a photo gallery of the day’s events visit this link.

Deborah Mills-ScofieldKim Kitchings

Matthew GannJeff Pierce

Mark NeffMick Simonelli

Culture Eats Innovation for Lunch

Mick Simonelli

Mick serves as the lead executive for the Enterprise Research and Innovation team. His USAA experience includes Executive Director for Marketing Innovation and a one-year stint in the CFO’s Enterprise Strategy and Financial Planning group under the “training with industry” program where he transitioned from a loyal member to a USAA evangelist.

Click here to view the presentation

Getting Back to Innovation Basics

Mark Neff

In this session, Mark Neff of CSC will not only help you when you get back to work but he will also set the stage for possible collaboration going forward in innovation.

Click here to view the presentation

Learning to Make Innovation Operational

Jeff Pierce

As a leader of the enterprise-wide Employee Innovation Program at Pitney Bowes, Jeff’s current role is Innovation Architect. In this role he works with senior leaders to engage employees to meet critical business objectives using IdeaNet, a platform to collaborate and apply the “wisdom of the crowds” to innovation.

Click here to view the presentation

Sparking Innovation at Medco

Matthew Gann

Matt Gann moved to Medco Health Solutions in 2007 where he led marketing of the My Rx Choices program – a first-of-its-kind online prescription drug cost comparison tool – before recently transitioning into his role as Crowdsourcing Lead for the company.

Click here to view the presentation

Transforming Innovation Leadership

Kim Kitchings

Kim Kitchings is the Vice President of the Corporate Strategy and Program Metrics division at Cotton Inc. In this role, she is responsible for assimilation of global market intelligence to assist in the strategic direction of product development, marketing and evaluation of markets for cotton.

Click here to view the presentation