They way we think about innovation has changed and the ways we had to govern it as well. Today many companies ask (or should ask) themselves if they are on the right path.
Some trigger questions you may ask yourself are:
- What are the biggest challenges your company faces when bringing innovation to the market? is it getting the internal processes aligned to get it launched or is it developing and launching it?
- How is innovation done? own employees? suppliers? customer? partners? buying in?
- Do you innovate in new products? services? channels to market? customer experiences? business processes? business models? or none?
- Does your company have innovation goals?
- How does your organization motivate to innovate? roles and responsibilities? incentives?
- What is your company´s culture promoting in terms of innovation? does it promote the use of pilots to evaluate? is there fear for failure?
How to align goals, allocate resources and assign authority for innovation across the company ? through implementing a good innovation governance that suits your business and your company.
Innovation governance is a system of mechanisms to align goals, allocate resources and assign decision-making authority for innovation, across the company and with external parties.
Lego is still one of the best cases on how to do this. Five year ago the LEGO group was near bankruptcy, today as the overall toy market declines LEGO´s revenues and profits are climbing. Central to LEGO´s turnaround is a new structure for strategically coordinating innovation activities.
Read more about it here: http://www.innovationgovernance.net/harvardbusinessreview_lego.pdf