“To become an innovative organization implies strategic change i.e. that of the culture of the organization: from one driven by machine like efficiency and risk aversion towards that of productivity, collaboration and the ‘harvesting’ of human creativity. This must be championed from the top!”
Growth happens because of innovation not despite it. Industry and academia, across the world agree that over 80% of the ‘potential to grow’ of any business / organization is dependent on innovations. Whereas in-organic growth (e.g. M&A) and organic ‘incremental’ market expansion ‘strategies’ cater for only 20% of an organizations potential to grow. The irony is that most businesses invest over 80% of their time and resources chasing only 20% of their potential. It is hence not surprising that most investments or asset acquisitions of business / organizations, globally, typically under perform. The pursuit of productive growth i.e. innovation is critical for an organization’s relevance and survival.
Organizations are striving to be innovative but do it in a very opportunistic and adhoc manner, and they don’t follow a systematic approach. Even before they adopt an approach, they typically don’t know where they stand in their innovation journey, who are their ecosystem partners, what are the goals of innovation and how they should plan to innovate. Therefore, they need a formal mechanism to know where they “stand” within an innovation framework.