5 Things Every Innovation Manager Needs to Know

Disruptive Innovation, Open Innovation, Innovation Scouting — these terms are flying around everywhere. There is so much information on why innovation is important for business, but how do you approach it? How to make sure that you will come in first in this race?

There is no “correct way” or “one way” to innovate. What works for you may not work for another. However, we all can agree on certain facts that enable you to plan the process of innovation management better. We asked Innovation Managers about what they think are things every innovation manager needs to know. Here’s what they said:

A Few Things Every Innovation Manager Needs to Know

1. Innovation means Problem-Solving

There is no way to deny that new ideas are imperative for innovation. But do you always need to reinvent the wheel? Not really! What if you conduct several meetings for collecting ideas and realize that you are sitting on a bunch of non-workable ones? Time is very precious. So, instead of stressing too much about brainstorming brand new ideas, focus on the problems right in front of you — I bet there are plenty of them. Then, figure out ways to solve them in the most effective manner. And in no time, you will end up innovating a product or service that will prove very useful to your consumers.

2. Creativity is Not Equal to Innovation

Often we tend to use “creativity” as a synonym for “innovation”, but it isn’t really. While creativity is an important aspect of innovation, it is not innovation itself. And understanding this difference is crucial for successful innovation management. For example, calling for ideas from external sources such as your customers is promoting creativity. But innovation takes place only when you integrate these ideas and create additional value. So, while every innovation is a result of creativity, not all creative ideas lead to successful innovation.

3. Speed is the Need of the Hour

Market leaders often make a common mistake — they think that they are ahead of the race already, so there is no need to rush. But if you want to thrive in this competitive market and stay ahead of the game, don’t be one of them. You would have to pay a heavy price for underestimating the potential of emerging companies such as startups and scaleups. Remember how Netflix started out with just selling DVDs? Hence, it is essential to stay up-to-date with what is going on around you and adjust your plans accordingly. For example, make use of startup scouting platforms to identify the next game changers and emerging technologies early on so that you are always ahead of the technological curve.

4. An Open Culture Promotes Innovation

Openness is to innovation what bread is to butter. Therefore, creating an open culture within your organization is a must for successful innovation. As an Innovation Manager, always encourage your army to speak up and share even their weirdest ideas. You never know what might click! And about the ones that do not make it — improve them or else dump them and start afresh. Every failure is an opportunity to learn and improve. Also, do not forget to practice open innovation. i.e., expand your horizon and collaborate with innovators and talents outside your firm.

5. Prioritization is the Key to Success

We just mentioned how you should encourage everyone to share their thoughts. But it is also important to make a decision about which ideas are worth going for. While experimenting is the soul of innovation, you cannot try anything and everything under the sun. Listen to all, use your judgment, and prioritize the most promising ones. At the same time, give feedback on the rejected ideas so that next time your team can come up with something better.

Regarding daily tasks, if you are stuck somewhere, put a time cap on it and if it is not resolved by then, move on to other tasks instead of spending more time on it. As you are bound by strict deadlines, your priority should be getting things done on time, and not getting bogged down by a particular task.

What are other things every innovation manager needs to know? Get in touch & let us know!