Are you outsourcing Innovation?
Do you feel you are running out of budgets by outsourcing innovation?
Are you perplexed on how to deal with this situation?
Have any plans to promote in-house innovations and not able to manage them?
Then I would say that you are in the right place!
An answer to all the above challenges is “INNOVATION BANK”-a multifaceted solution, which can be a whistleblower in the industry to develop a robust innovation ecosystem that provides an opportunity to raise in-house talent and entrepreneurs to get in-house solutions without having to much rely on outsourcing for innovations, strategic consulting and to solve various business challenges.
What is the Innovation Ecosystem?
Looking at the pace at which digital transformation adoption and progression is happening, now running a business is not restricted to mere product development and offering customer service. The rise of the significance of experience-as-a-service and customer-first approach has demanded a drastic change in the way businesses think and operate. This change has necessitated business operation models to incorporate dynamism to drive innovations at a rapid pace. To achieve this, its high time for businesses to develop an innovation ecosystem.
The innovation ecosystem was well defined by Ravi Narayan, CEO, T-Hub, in his interview with Entrepreneur as, “An Innovation Ecosystem is used to describe the large and diverse nature of participants and resources necessary for innovation. The main character of innovation ecosystems being explored is the self-organizing property of innovation ecosystems rather than being a means for co-creation and market introduction of innovation.”
Now let us see how the proposed Innovation Solution can ease the process of setting up an innovation ecosystem.
Creating an Innovation Ecosystem With Innovation Bank
Innovation Bank is not to be presumed to be a database of Innovations, instead, it is to be thought of an ecosystem itself, where creative thoughts within the firm are collected and incubated into a full-fledged implementation that is economically bankable. This outlines the framework to develop “Intra-Entrepreneurship” within an organization. This dictates the elevation of the futuristic economic scale and innovative strategy of an organization.
3 Eyes of Innovation Bank
What features does it Avail to an organization?
1. Cross-Functional Team Culture
The prettiness of this Innovation bank is that it leverages the company’s grids to join forces for information exchange and collaboration, thereby enabling the delivery of efficient work and strengthening the organizational web. To deal with the innovative Innovations across the company, it enables the development of functional groups comprising the representatives of all the teams. This empowers knowledge sharing and coordination across various teams. These groups provide a wider understanding and help to foster the process of evaluating solutions.
2. Develop Intra-Entrepreneurs Ecosystem
To cultivate the art of entrepreneurship within the organization requires the alteration of the employee ecosystem itself, which in turn requires revising the corporate culture and empower the individuals down the hierarchy to come forward and express their innovative Innovations. This requires the organizations to run through a proper assessment program over their teams to identify the employee’s aptitudes and develop them to an entrepreneur to their own Innovation. This situation enables an organization to lose creative employees, who often tend to go out and start their own business due to lack of encouragement within the organization. This culture of promoting startups within an organization will enable the organization to grow multifold in terms of area of business operations and the economy too.
This principles the development of an ecosystem, which results in the creation of a cluster of entrepreneurs within an organization. This robust innovative strategy becomes critical to this ecosystem. The best part of this is, it makes available the complete infrastructure, financial support, creative support, technical assistance, and workforce, that are much needed for the successful implementation of the Innovation, Lack of which is resulting in the failure of many startups to monetize their creative thoughts and ultimately ending themselves nowhere.
World wide, there are about 300 million persons trying to start about 150 million businesses. About one third will be launched, so you can assume 50 million new firm births per year or about 137,000 per day. – Moya K. Mason
It is estimated that 70% of the employees are leaving companies due to a lack of recognition of their talent. This is the reason why most of the talented employees are preferring to go with startups rather than suffering here. This innovation Bank can help organizations not to lose talent and make the best of this talent.
3. Non-Throttling Governance Mechanisms
Innovation management in companies is mostly dealt in a way usual projects are handled, wherein the budget cycles, planning, requirements, scope, release deadlines, KPI’s, etc., are expected to go in tight schedules. But in the case of generating innovating Innovations, the simple principle doesn’t work out as where and when the Innovation clicks are difficult to say. In these cases, devising control mechanisms that are handy in executing these tasks require non-throttling structures for successful execution. In the process, companies can exercise control over these projects based on reviewing the outcomes.
4. Training and Education
Innovative is a subject of creativity, skill isn’t. The dearth of understanding of this difference is leading to failure in monetizing innovations. Specifically, most of the startups are failing in this context. That’s the reason why most of the creative work though very great lacks the ability to spun large amounts to the innovators. Deriving a concretized solution requires some amount of training and education sessions to be conducted for the innovators so that the amount of skill needed can be imparted in individuals to transform their Innovations that can be banked. This Innovation bank ensures this.
Innovation bank would revolutionize the way organizations conduct their creative thoughts and would be very instrumental in deriving a structured framework for dealing with innovation within an organization.
“HAVING TALENT IS NOT GREAT, BUT WHAT ONE DOES WITH IT MAKES ONE GREAT”.