Page 16 - INNOVATION STRATEGY EXAMPLE

1. Ideas that make it through the first filter move to the incubation phase (see below) and are awarded a small initial investment to fund the experimentation and testing of the value of the idea.
2. The second filter moves ideas between the incubation and the acceleration phases.
3. The Steering Committee will oversee the filtered ideas to shortlist (e.g.10 ideas). Suggest a Committee of 6-8 people with diverse capabilities and expertise.
Idea Accelerators
1. Ideaownersworkwithrelevantinternalandexternalstakeholderstobuildand test the business model underpinning the idea.
2. Ideasthatmakeittotheincubationphasewillbeawardedasmallfunding grant to be used for running experiments to validate or invalidate assumptions.
3. Governanceoftheincubationphaseforideaswillbetheresponsibilityofthe Steering Committee who will work with stakeholders
4. Theresourcingoftheideaincubationshouldbedecidedonacasebycase basis depending on the nature and complexity of the idea.
5. ForXXXXXP/Ltheincubationphasewillalsonecessarilyentailcritical validation of any safety and regulatory aspects.
Idea Incubators
1. Leanstartupcapabilitieswillneedtobebuiltintothelearningand development program for innovation at XXXXX P/L
2. Ideasthatprogresstotheaccelerationphasewillhaveestablishedfunding, customers and partners, and a viable cost and revenue model.
3. Keytosuccessintheaccelerationstageisstrongprojectmanagement, governance and leadership support to weather the challenges and ultimately demonstrate a successful commercial innovation.
4. Governanceofexplorativeideas(ifadopted)requiresadifferentsetof management considerations and significantly greater scope for making mistakes.
Find IDEA
SOURCES Internal External both
Ideas
The Innovation Process on a Page
PEOPLE
Incubate
Filter
Filter
Accelerate
DISCARD SEND BACK
NO GO PARK
DISCARD NO GO PARK
Business Value
DISCARD
GOVERNANCE/CULTURE/METRICS SHAPING AND LEARNING
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