Corporate Innovation is not easy
Corporate innovation is very difficult as it requires superior leadership and engagements across organisation. For innovation to thrive, leaders must take actions to address 3 challenges in corporate innovation that hinder growth in many large corporations.
Challenges in Corporate Innovation
1. Not My Business – Lack Accountability & Synergy
Each function operating in silo with independent KPIs, while lack accountability for long-term interest of the business.
Action for lack accountability & synergy
Consider to redesign organisation & leadership culture to one that encourage cross-functional collaboration.
Design accountability for shared long-term goals across various departments beyond short-term role & performance.
2. Too Much Talk & Too Little Walk – Fancy Strategy w/o Execution Excellence
Management invests big bucks for fancy consulting reports, but not investing enough time & resources on HOW to get things done.
Action 2 for strategy without execution excellence
Consider recruiting and nurture strategic leadership with hands-on execution experience. Human resource department to develop new HR policy to reward all-round talents who can talk-the-walk & walk-the-talk.
3. Unsatisfied Result- Best Teams Are Not Performing
Invested best internal & external resources in innovation, however team performance & results are NOT as expected.
Action 3 for best teams are not performing
When best teams are not performing as expected, it is likely caused by a combination of previous 2 challenges – lack accountability and synergy across functions, or there are too much talker and not enough doer to get things done.
Leader must take proactive responsibility to address all these challenges in corporate innovation and rebuild a collaborative & interdisciplinary culture.
Successful innovation teams amis to deliver 1+1+1=10 which I call them Innovation SWAT teams.
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