Interesting article in the New York Times: “Innovate, Yes, But Make it Practical”
Key messages include:
- LinkedIn found that more than 700 people listed their current job title as “chief innovation officer” and that nearly 25,000 had the word “innovation” in their job title
- Innovation Managers are now senior executives in major corporations. Indeed, many smart companies now have VP-level Open Innovation Managers
- These senior leaders need unfettered access to all parts of the organisation to be effective
- Internal venture funds are essential for successful execution of Innovation activities
- Innovation is certainly possible in the services industries e.g. Banking and finance
- Customer-centricity is paramount
- Incubating ideas that deliver scale is powerful
- Does your organisation need a VP for Innovation?
- Indeed, should you have a VP for Open Innovation?
- How are you breaking down barriers to allow “unfettered access”?
- Do you have sufficient focus on customer-centricity?
- Have you set aside sufficient funds for “internal ventures”?