When Terrible Things Happen To Good Innovation Projects

Innovation and transformation are crucial for the long-term success of a business. However, many innovation ideas fail due to mismanagement. By separating innovation into ideation, incubation, and acceleration phases, and considering uncertainty, organizations can eliminate obstacles and improve innovation efforts. In the ideation phase, getting ideas and nurturing them are essential, while in the incubation phase, turning ideas into prototypes that demonstrate market fit is vital. The acceleration phase involves growing and integrating the new innovation into the parent business. However, mismatches may arise, and the definition of value needs to change when facing increasing uncertainty. Rita McGrath recommends a hypothetical portfolio to manage innovation projects, which includes core enhancement, platforms, positioning options, scouting options, and stepping stones. These require different levels of uncertainty and need a specific leadership character known as an organizational sherpa. To succeed, innovation projects need the endorsement and engagement of the mainstream organization. Starting with a few workshops to demonstrate proof of concept can help engage people, teach them to start small, and ask the right questions.