{"id":116,"date":"2015-12-17T00:21:00","date_gmt":"2015-12-17T00:21:00","guid":{"rendered":"https:\/\/i3works.bluetree.uk\/news\/?p=116"},"modified":"2019-12-08T21:46:30","modified_gmt":"2019-12-08T21:46:30","slug":"shaping-innovation","status":"publish","type":"post","link":"https:\/\/www.i3works.co.uk\/news\/2015\/12\/shaping-innovation\/","title":{"rendered":"Shaping innovation"},"content":{"rendered":"\n<p>Innovation. Its everywhere and \neveryone is doing it in one form or another or at least they claim to \nbe. Having a clear vision and innovation plan is something that needs \ncareful consideration otherwise innovation can degenerate into a product\n of boyish enthusiasm and a brainstorming session. Having a good idea is\n a major step forward, but having a winning idea often takes focused \nanalysis.<\/p>\n\n\n\n<p><em>Author: Martin Paver Director at i3Works<\/em><\/p>\n\n\n\n<!--more-->\n\n\n\n<p>When shaping an innovation portfolio it can help to consider the following 6 key steps:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>Vision. <\/strong>Define the aspirational direction or goal for your investment objectives.<\/li><li><strong>Identify. <\/strong>Rather than focusing on a solution, \nconsider the problem. Which problem if solved, would create significant \nvalue? Identify potential business models or technology to solve the \nproblem. By focusing on the client\u2019s challenges and keeping abreast with\n how business and technology solutions may shape the solution, there is \npotential to unlock new opportunities.<\/li><li><strong>Selection. <\/strong>The management of innovation is not \ntypically constrained by the lack of ideas. The challenge is the \nselection of the right ideas and assessing which ones to take forward \nand which to cull, at defined decision gates. It is also important to \nidentify and manage individuals who are emotionally invested in \u2018their \nidea\u2019, which can often bias prioritisation to the detriment of the \nportfolio.<\/li><li><strong>Streamline. <\/strong>Companies can often get bogged down in\n the innovation process and lose track of the ultimate objective. \nWindows of opportunity can be missed, ranging from external\/client \nfunding, strategic partnerships, innovation portal competitions, first \nto market etc. Process can often be streamlined by having a cadre of \nexperienced professionals who have the scars, vision and \ntechnical\/business depth to prioritise and drive forward innovation \nwhilst keeping a check on risk.<\/li><li><strong>Co-operate. <\/strong>Solutions often cross many boundaries \nwhich extend beyond the capability of the originating company. Companies\n who are successful innovators typically form strategic partnerships \nwith others who are able to complement their capabilities, whilst also \nhaving similar values. They are able to iterate at speed and challenge \naccepted practice.<\/li><li><strong>Nurture. <\/strong>Innovation can often be a sideline for \nmany businesses, to be squeezed in around the day job, or when staff are\n non fee earning. Although this helps to maintain core business \nprogress, it can result in a lack of focus and creativity. Having a \nboard level target can help to inspire and develop sustainable momentum.\n The boards also need to create the right environment for innovation by \nremoving constraints, encouraging a fail fast culture and taking \nmeasured risks. Inviting selected members of the academic community can \nalso help with lateral thinking, but it requires careful management or \nit can become a distraction.<\/li><\/ol>\n","protected":false},"excerpt":{"rendered":"<p>Innovation. Its everywhere and everyone is doing it in one form or another or at least they claim to be. Having a clear vision and innovation plan is something that needs careful consideration otherwise innovation can degenerate into a product of boyish enthusiasm and a brainstorming session. Having a good idea is a major step [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":165,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-116","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles"],"_links":{"self":[{"href":"https:\/\/www.i3works.co.uk\/news\/wp-json\/wp\/v2\/posts\/116"}],"collection":[{"href":"https:\/\/www.i3works.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.i3works.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.i3works.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.i3works.co.uk\/news\/wp-json\/wp\/v2\/comments?post=116"}],"version-history":[{"count":2,"href":"https:\/\/www.i3works.co.uk\/news\/wp-json\/wp\/v2\/posts\/116\/revisions"}],"predecessor-version":[{"id":209,"href":"https:\/\/www.i3works.co.uk\/news\/wp-json\/wp\/v2\/posts\/116\/revisions\/209"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.i3works.co.uk\/news\/wp-json\/wp\/v2\/media\/165"}],"wp:attachment":[{"href":"https:\/\/www.i3works.co.uk\/news\/wp-json\/wp\/v2\/media?parent=116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.i3works.co.uk\/news\/wp-json\/wp\/v2\/categories?post=116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.i3works.co.uk\/news\/wp-json\/wp\/v2\/tags?post=116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}