FASTER INNOVATION HOW CAN GLOBAL BRANDS ACCELERATE THEIR APPROACH TO INNOVATION TO COMPETE IN A FAST-MOVING WORLD?
Our recent research with innovation, brand and insight professionals from across industries suggested that speed was the single most important barrier to global brands achieving the true growth potential of their innovation. So at our Mash Up, we wanted to find out from more agile creative worlds and how to create a culture of faster innovation while still helping the business to effectively manage risk. We spoke to a broad range of experts from diverse fields to explore the topic; from fast fashion, to high-end restaurants, from accelerator programs to disruptive technology, design prototyping and emergency surgery. Here are some of the key themes that emerged during the course of the conversations… PERSONAL PASSION
FAIL & LEARN… QUICKLY >> Don’t kill an idea in the boardroom – try iterations of it – test and learn is the best approach, accept and most importantly learn from failure, move on quickly and build better and faster >> Companies need to have a clear understanding of what innovation means to them and what they want to achieve. Is the goal to make cool gadgets like Google glass, or actually drive new revenue streams? >> Each innovation is a new asset; these can be managed like any asset portfolio and this helps to manage the risk >> Not every innovation will be accepted or reach success: build a balanced innovation portfolio
>> It’s not all about issues of business structure – it’s individuals who challenge, question and have the ‘get it done’ mentality who make a difference
THE ART OF DECISION-MAKING
>> Work outside the system - harness personal networks, credibility and your track record to make things happen
>> Faster innovation is about fast decisions, not fast lead-times
>> Always believe in yourself, but any decisions should be based on knowledge, experience and factual information supported by investigation, rather than gut instinct >> Quicker innovation comes from immersing yourself in the challenge – understanding your competitors, the market and your consumers >> Draw inspiration from outside your category - look through your customers’ eyes and understand the motivation that drives their decision-making
SET THEM FREE >> Autonomy is the key to open the door for creativity and fast innovation - delegation and empowerment of a small entrepreneurial team is sometimes the hardest thing for big companies to give but crucial for faster innovation >> For large organisations, the challenge is often that they are either not given the freedom to be truly creative to start off with, or if they are, the risk-aversion that is usually prevalent in such businesses often results in stagnation and good ideas not being taken forward
IDEAS WITHOUT BORDERS >> Create desire for change – foster an environment where faster innovation is seen as a solution, not a problem >> Don’t stifle creativity - keep your team diverse & play to strengths. Working as a team allows for cross-fertilisation of skillsets and connections, which enables ideas to grow faster and stronger >> Open up innovation to your whole company, not just your innovation team. The knowledge and expertise to innovate your business exists across all kinds of employees >> Even better open up your innovation challenges to the wider public to help you solve them
>> The key to faster innovation is information, as much and as quickly as you can get
>> Decisions should be based on factual information, knowledge and experience as well as financial consequences >> Use of a bank of constantly updated information to base future innovation on. High-end chefs compile a database of Menus which they reference to gain new approaches >> Don’t be afraid to ‘kill’ ideas that are bad and do it quickly and decisively
CREATIVE BOUNDARIES >> Leaving a brief too open causes meandering, not creativity. Setting boundaries that people can push against can spark the tension between creativity and process and create unexpected results >> Being a large corporate is no excuse - innovation methodologies and approaches can easily cross both industry sector and company scale
STARTER / FINISHER >> The team, skills and expertise needed to generate an initial idea may not be the same as those needed to successfully commercialise it. Think carefully about when and how this handover happens >> Modular design lets people create on top of your platform; don’t forget to shape your own game-changing innovation by assembling the modules you believe in - the originators of ideas handover a toolkit which another team commercialises >> Simplifying processes and collapsing supply chains are key to developing a culture of true fast innovation
PTO
MAKE IT REAL FOR PEOPLE >> Make people more engaged, offer rewards, and they’re more likely to innovate. Articulate this at every level of the business: from the cleaners to the managers >> Excite colleagues and stakeholders – with faster innovation, no matter how easy the idea, it’s often a challenge to align a large organisation … so enthuse your organisation and get them excited about your idea >> Bring ideas to life - one approach is to work with artists. Their work can make ideas real, and act as a focal point for conversations across many different groups
6th Floor 103-113 Regent Street London W1B 4HL Jonathan Williams +7734 563 541 jonathanw@mash.uk.com