Are you outsourcing Innovation?
Do you feel you are running out of budget by outsourcing Innovation?
Are you perplexed about how to deal with this situation?
Have any plans to promote in-house innovations and cannot 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 that 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 rely on outsourcing for innovations, strategic consulting and to solve various business challenges.
What is the Innovation Ecosystem?
Looking at the pace of digital transformation adoption and progression, now running a business is not restricted to mere product development and offering customer service. The rise of the significance of the experience-as-a-service and customer-first approach has demanded a drastic change in how businesses think and operate. This change has necessitated business operation models to incorporate dynamism to drive innovations rapidly. To achieve this, it is high time that businesses develop an innovation ecosystem.
The innovation ecosystem was well defined by Ravi Narayan, CEO of T-Hub, in his interview with Entrepreneur, “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.”
Let us see how the proposed Innovation Solution can ease 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 considered an ecosystem where creative thoughts within the firm are collected and incubated into a full-fledged, economically bankable implementation. This outlines the framework for developing “Intra-Entrepreneurship” within an organization. It dictates the elevation of an organization’s futuristic economic scale and innovative strategy.
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 efficient work delivery and strengthening the organizational web. Dealing with innovative innovations across the company allows 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 broader understanding and help to foster the process of evaluating solutions.
2. Develop Intra-Entrepreneurs Ecosystem
Cultivating the art of entrepreneurship within the organization requires altering the employee ecosystem itself, which in turn requires revising the corporate culture and empowering the individuals down the hierarchy to come forward and express their innovative Innovations. This requires the organizations to run through a proper assessment program for their teams to identify the employee’s aptitudes and develop them into an entrepreneur to their Innovation. This situation enables an organization to lose creative employees, who often tend to go out and start their own businesses due to a lack of encouragement. This culture of promoting startups within an organization will enable the organization to grow multifold in business operations and the economy.
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.
Worldwide, about 300 million people are trying to start about 150 million businesses. About one-third will be launched, so that 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 employees leave companies due to a lack of recognition of their talent. This is why most talented employees prefer to go with startups rather than suffer 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 mainly dealt with in a way usual projects are handled, wherein the budget cycles, planning, requirements, scope, release deadlines, KPIs, etc., are expected to go in tight schedules. But in the case of generating innovative Innovations, the simple principle doesn’t work out as to where and when the Innovation clicks are challenging to say. In these cases, devising control mechanisms that are handy in executing these tasks requires non-throttling structures for successful execution. In the process, companies can exercise control over these projects by reviewing the outcomes.
4. Training and Education
Innovative is a subject of creativity; skill isn’t. The absence of understanding of this difference leads to failure in monetizing innovations. Specifically, most of the startups are failing in this context. That’s why most of the creative work, though significant, cannot spin large amounts to the innovators. Deriving a concretized solution requires some training and education sessions for the innovators so that the amount of skill needed can be imparted to individuals to transform their innovations, which can be banked. This Innovation bank ensures this.
Conclusion:
Innovation banks would revolutionize how organizations conduct their creative thoughts and would be instrumental in deriving a structured framework for dealing with innovation.
“HAVING TALENT IS NOT GREAT, BUT WHAT ONE DOES WITH IT MAKES ONE GREAT. “
