How to drive innovation
I’m in the middle of several books right now, one of them being Game Changer, an operating manager’s guide to turning innovation into strategic advantage by A.G Lafley and Ram Charan. The basic premise of the book (co-written by the former CEO of Proctor & Gamble) is that innovation can be teased out, encouraged, measured, and integrated into everything done within a company, including it’s operating plan.
Here are a few ideas I thought worth saving so far:
There is a difference between invention and innovation. “An invention is simply a new idea. An innovation is the conversion of a new idea into revenues and profits. An idea that looks great in the lab and fails in the market is not an innovation. It is, at best, a curiosity.”
Innovation enables you to be on the offensive. Not innovating puts you on the defensive. “Innovate or Die”.
“Collaboration is essential; failure is a regular visitor. Innovation leaders are comfortable with uncertainty and have an open mind; they are receptive to ideas from very different disciplines. They have organized innovation into a disciplined process that is replicable.” They can manage risks.
“Every company has a budgeting process that is repetitive, refined and ingrained … with every manager participating in the process…. But few corporations can say the same when it comes to innovation.”