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3Si invests in breakthrough innovations within early-stage ventures that can disrupt markets. We build our portfolio based on compelling people, transformative ideas, significant intellectual property, deep market understanding, and the opportunity for capital efficiency and leverage. 

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10 Best Practices for Enterprise Innovation

July 14, 2016

 

Innovation or get left behind, that’s how the saying goes.  However it is important to point out that organizations don’t innovate, people do.  Empowering your employees (and partners) will yield greater innovative success if you can properly manage the following best-practices.  

 

Communicate the Innovation Imperative 

 

Employees need to know why innovation is important to the company, and how a more innovative company will deliver better outcomes to benefit all.  

 

Create an Innovation Strategy 

 

Activities should be focused around corporate goals and KPIs which leverage core strengths and assets.  Develop your strategy around how innovation will build on current success to achieve overall targets.  

 

Stimulate Ideas 

 

Give employees the freedom and flexibility to impact the innovation strategy.  Create programs to trigger employees and partners to contribute innovation ideas that align with the innovation strategy goals.  

 

Seek External Relationships

 

Customer, suppliers, partners and even competitors can be sources of innovation.  Find a way to include “open innovation” in your innovation plans.  

 

Identify The Best Opportunities

 

The benefits of innovation are increased by focusing on the best opportunities.  Stimulate the next generation of new ideas by communicating both the criteria and decision outcomes across the organization.  

 

Implement With Speed 

 

Innovations only provide values when they are implemented.  Failure to implement good ideas promptly is one of the biggest barriers to build an innovation culture.  Ensure that the few projects selected are properly resourced and implemented in a timely fashion -- with results communicated to stakeholders.  

 

Identify & Remove Barriers 

 

Many organizations unintentionally stifle innovation through their management culture and systems.  An innovation program needs to identify potential barriers and remove or reduce those that are critical.  

 

Incent & Reward 

 

Show employees that their contribution is valued, both for good ideas and successful implementation.  Importantly, some innovations will fail -- make sure that failures are seen as learning opportunities, not causes for punishment.

 

Walk The Talk

 

A corporate push to innovate loses its momentum quickly if the inspirational words are not backed up with action.  Management needs to ensure that innovation is seen as the priority, not something that is nice to do.  

 

Monitor & Measure

 

Innovation involves constant change, it can’t run on auto-pilot.  Monitor current innovation projects and ensure timely corrective action as required.  Measure the performance of the innovation process itself and look for opportunities to refine and improve it.  

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