When innovators should engage Legal/Compliance In highly regulated industries like healthcare, adherence to specific laws and regulations is critical, but may slow down or even inhibit innovation. It doesn’t have to: many highly regulated industries have been extremely innovative, think finance or aviation. Often, compliance implementation creates a risk averse environment and is perceived by business teams as a reason not to innovate. Innovation leaders can address this barrier to innovation by engaging with their legal/compliance partners, explain what the specific innovation is about, create trust and discuss collaboration. Timing is essential. Ideally, Compliance should be part of the earliest innovation phases. If it is not possible to engage Compliance…

Why not to ask for ROI at the front end of innovation. *In French The best way to destroy an innovative idea – and the motivation of an innovator – is to ask for the Return On Investment (ROI) if someone comes up with a new solution. How can someone who doesn’t even know if the idea will work understand what it’s costs and returns will be. It’s tempting for business leaders, always looking for efficiencies, to evaluate business proposals based on their ROI. Innovations should also be looked at in this way. But not in the early stages, when the idea needs to be nurtured, to be given a chance to…

Good ideas can come from everywhere Steve Jobs combined his passion for design with his expertise in technology to innovate. Few of us have this kind of double talent or skill. But every large organization has! Corporations have an amazing number of in-house experts. They might work in Marketing, IT, technical/medical, legal, compliance, finance, HR, manufacturing, etc. Many of these colleagues also have links to external partners. Innovation Leaders can engage with these experts and connect them to each other, to stimulate innovation and create networks.   I recall a situation in which a marketing innovator in Latin America wanted to solve a market development challenge. He came up with a…

Focus innovation on business priorities Innovation is not an objective. It’s a way to reach an objective. This objective can vary from specific, short term business and customer needs to broad, visionary strategic goals. Within large corporations, it is relatively easy to define the short term, tactical challenges. The operational business teams and leaders surely have a list ready. This is where innovation leaders can generate quick results by simply issuing innovation challenges. Throughout the organization or even externally, individuals or small teams can come up with innovative ideas. Selected ideas are then quickly tested. Note: it’s critical that the business team provides a very specific problem statement or a…

How to motivate innovators Innovators are not primarily driven by a large bonus, but by sincere management interest. It’s tempting to think more money will create more innovators.  I have rarely seen employees suddenly become innovators because of a financial incentive. Real innovators are already passionate believers in the solution they came up with. They only need a little help to keep going.  What I did see as very effective was showing personal interest, e.g. through a regular short call with the innovator. To discuss progress and challenges. To check if they still are on target to solve the original problem. To identify opportunities to connect them with experts in…

Innovation should not be complicated. As long as you have a good problem. A really GOOD one: e.g. one that can stand the test of the “5 why’s” (https://en.wikipedia.org/wiki/5_Whys). It’s tempting to start with an exciting opportunity or a new technology.  Think drones, or microfinance or blockchain. But there is a risk that this innovative idea will not address a real customer or business need and will not fit in the company’s strategy.  Although the idea may be unique, it will likely not get management support and the sustained resources to experiment. An example: patients often stop taking their chronic medicine. I recall a passionate innovator spending months developing an…