Better Innovation With Less Money

Better Innovation With Less Money

Corporate innovation units are being given less money, forcing companies to seek better innovation with fewer resources. Stefan Lindegaard recommends five ways to upgrade the innovation engine without breaking the bank. First, develop executive training programs to help executives better understand innovation and weave it into corporate strategy. Secondly, provide coaching for innovation units to help them focus on the bigger picture. Thirdly, build a better understanding of the skills needed and re-assemble innovation units accordingly. Fourthly, upgrade people skills to keep up with the changing innovation landscape. Lastly, develop branding programs for corporate innovation capabilities to compete in building the strongest innovation ecosystems.

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More Innovation Resources:

How Many Types of Innovation Are There?

Innovation expert Nick Skillicorn summarizes all of the innovation theories in a helpful infographic, highlighting key similarities between them such as collaboration, understanding the problem and the innovation spectrum.

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Rethink Planning: Managing the Annual Plan Against Incoming Demand and Change

Experts recommend more frequent, ad hoc or monthly reviews of annual plans for successful planning and portfolio monitoring.

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The Power of User-Led Innovations

User-led innovations (ULIs) are born out of frustration and a willingness to experiment, leading to successful products like Pampers and the Maclaren buggy. Now, public and private organizations are beginning to tap into the rich resource of user innovation.

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