The Harvard Business Review has found that as many as 5% of the staff in any organization are “natural innovators” with great ideas for improvement. However, transformation of these ideas into new products and ways of working is hard. New ideas can “get lost in the shuffle” of day-to-day responsibilities. Development often requires funding and specialized resources that are not readily available. As a result, much internal innovation never gets past the idea stage.
To avoid these problems, our team has developed a proprietary Innovation Center Model that be implemented in a variety for formats, from open-ended Internal Business Incubators and EIR roles to objective-focused Virtual Startups and Business Transformation programs. Drawing from best practices from—
- Leading Startup, Incubators, business incubator, intrapreneurs, intrapreneurship, business transformation, business transformation program, Business Model Generator, virtual startups, internal incubators,
it guides your internal innovators through the process of translating new ideas into new products, processes and services and pairs them with the support resources needed to bring them to fruition (e.g., product management and development, project management, process optimization, vendor selection and management, technology and systems implementation).
Our team has used this approach to create high-IRR innovations for a variety of organizations: from 150-person single-line-of-business enterprises to Fortune-200 market leaders. It been used to developed new products and services that have created nearly over $1 billion in new sales and operational efficiencies and won nearly two dozen industry awards. We would be happy to help you setup an Innovation Center for your company, train your teams in its operation or manage it on your behalf.