The 6 Elements for High-Performance Innovation™
These six elements when finely-tuned together, enable the right information to be measured and shared seamlessly back and forth between stakeholders. It facilitates and encourages transparency, collaboration, speed, and accountability.
It mitigates politics-based decisions and innovation risk, increases predictability, improves product success rate, and your time-to-market velocity.
Innovation is part of the company's core strategy and top management priorities and is supported by a significant financial commitment, including sponsorships from the Business Units (BUs).
Performance-driven companies use hierarchy levels, incentive structures, and organizational design to their favor to generate innovation impact.
Lean has the customer integrated into the product lifecycle, providing evidence-based validations through iterations and feedback loops, mitigating product development risks.
The right key metrics enable progress to be measured appropriately, bring predictability and balance to the portfolio, and translate into insights for data-driven decisions to be made at the Board level.
An end-to-end pipeline applies the same rigor and discipline throughout the entire process. It allows full visibility of venture progress and facilitates collaboration at different stages.
An innovation funding governance fast-tracks time-to-market. Combined with a portfolio approach, it creates relative and overall risk metrics, increases predictability, improving investment decisions, and ultimately, innovation success rate.