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Six Criteria for Innovation Success
In our work at The DeSai Group, we have observed that an organization can achieve sustainable growth through innovation by:
- Having a clear strategic intent – a unique direction for the company that will generate a specific value (Top-Line, Bottom Line, or Other).
- Value creation strategy – Depending on the value target, creating a vertical and horizontal organizational alignment for everyone to see themselves in the vision and mission is essential for future returns.
- Developing deep insights – commercially savvy perceptions to help develop great ideas that can be ventured profitably. Without insights, organizations will predictably migrate to Commodity Island with other industry laggards.
- Mobilizing strategically with discipline – vision, strategy, leadership, and ideas are all required for growth, but they don’t guarantee success until you execute with discipline.
- Having high performing innovators – innovation can occur by having innovators who can generate real wealth and not just come up with great ideas. People who over-utilize resources and under-deliver value, cannot be called real innovators.
- Selecting top-talent with optimum financial behaviors - or developing talent by creating self-awareness about what specific corrective actions executives can take to develop optimal behaviors.
As I have said before, organizations MUST begin to take innovation as a serious tool for survival.
Innovation is no longer a choice - should we or should we not. It is only about WHEN you choose to commit to it.
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