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Corporate Innovation addresses those things a business must put into place in order to establish an effective, well–functioning, and productive program of sustained enterprise–wide innovation — what has come to be known as Innovation 2.0.
The ultimate aim of any Corporate Innovation program is to make the ability to deliver market–driving innovation an ongoing core strategic competency within the business. The business then leverages this ability to lead its markets with innovation and thus drive significant growth over time, in accordance with specific growth and innovation strategies.
Properly designed, implemented, and managed, a good Corporate Innovation program enables a company to turn on its "innovation engine" — both inside the business and within its extended ecosystem. As reflected in the Responsive Innovation Engine Architecture, there are eighteen elements that must be aligned in order for this to happen. Its Foundations must have the right Sponsorship and Leadership, Philosophies and Beliefs, Values, and Culture and Environment, while procedurally it must employ appropriate Roles, Responsibilities, Structures, Relationships, Governance Processes, Governance Metrics, Funding, and Budget Management. All of which must be backed up by the necessary Enablers like Training & Resources, Discovery & Insights, Technology & Infrastructure, and Networks & Ecosystems, while a variety of Engagement mechanisms are used bring it to life, and Reinforcement mechanisms like Recognition & Rewards and Public Relations are used to sustain its ongoing momentum.
Since no two businesses are exactly alike, a business' Corporate Innovation program must be custom-designed to fit its situation, its markets, and its strategic goals. Ultimately, every business must have the assurance that its unique program is going to yield the most relevant and pertinent outcomes for its situation, in alignment with its broader business objectives.
We have worked with countless organizations all over the world — including some of the most innovative in their industry — in defining and refining their Corporate Innovation programs to have maximum impact on their business. This includes having helped some of them reach a state of innovation maturity as to become Certified Innovative Organizations at the Champion level. We have the knowledge and expertise, therefore, to design a Corporate Innovation program that is precisely suited to each business and its unique situation, including its current level of innovation maturity. In applying this, we work with the business to first assess the maturity level of any program it currently has, or otherwise its level of readiness to begin, and then we determine the program details that are best suited to the business and its specific growth and innovation goals. We also develop the necessary implementation plans and get hands on with the implementation as needed.
The Corporate Innovation Engagement typically follows these steps:
- We begin by listening to you so as to understand your short, medium, and long–term business goals, and what is driving those. We are also listening for your current wins and struggles with innovation.
- We then explore with you the eighteen elements of the Corporate Innovation program and show how each of these can be custom designed to fit your specific situation and your business objectives. Our aim is to help you understand how Corporate Innovation programs work, and how this competency can become a key part of what your organization is doing today and well into the future.
- Next we undertake an Innovation Readiness / Innovation Maturity Assessment. This is a thorough assessment of your current innovation capabilities, including any current strategies, processes, teams, and infrastructures you have in place. It typically involves focused interviews and observations within your organization.
- Subsequent to this, we custom design (or redesign) a formal Corporate Innovation program for your business that will enable it to build and manage a sustainable innovation capability. This will establish the entire infrastructure and ecosystem required, including its sponsorship, leadership, guiding philosophies & values, structures, roles, processes, metrics, budgets, engagement, recognition, and public relations elements. Our work here derives from the Responsive Innovation Engine Architecture (Responsive IE).
- As needed, we can deliver hands–on training and/or workshops on Corporate Innovation and Innovation Management to help build awareness and understanding within the business. It is not uncommon for this to be a part of the implementation roll-out.
- If desired, we can assist you in the search, vetting, selection, and onboarding of a Chief Innovation Officer (CInO). We know what to look for based on your current situation and your intentions moving forward.
- If desired, we can assist your business in the pursuit of formal certification as a Certified Innovative Organization.
- We remain engaged with you throughout the launch of your Corporate Innovation program so that we can help ensure it proceeds according to your intended objectives and is steered accordingly.
To learn more about engaging us for Corporate Innovation consulting, refer to our Management Engagement page.