5 Key Ingredients for Corporate Innovation

Every enterprise needs to innovate in order to survive. But as they grow larger, new ideas and agile processes tend to find less expression. In order to capitalize on innovation opportunities, enterprises need to leverage their available assets quickly and effectively. Doing so calls for senior management to take responsibility for being transformation-oriented and enabling the conditions that allow innovation leaders to thrive.

Here are five crucial ingredients that senior management should use to help their innovation projects succeed. When implemented together, these five ingredients can combine to promote valuable corporate innovation, in spite of the conditions that work against the success of innovation leaders within most large enterprises.

1. Frees innovation leaders from typical requirements.
While strategic planning meetings, comprehensive market research, detailed product roadmaps, quarterly forecasts and the infamous three-year business plan all have their place in the corporate world, these activities and the related key performance indicators (KPI), can severely limit innovation.

Senior management should free their innovation leaders from many business-as-usual requirements and allow them to form their own methodologies, better suited to rapid idea implementation and iteration. By definition, innovative ideas don’t yet know exactly what the product or market will look like half-a-year later, never mind three years down the road.

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