For Halloween: The Tricks to Get Innovation Treats
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29 October 2014Michael Fitzgerald
Innovation is not witchcraft but, when done successfully, there is a touch of magic. The magic happens when innovation becomes “part of the way we do things around here” (read: corporate culture). When people across the firm approach their jobs constantly through the lens of “how do I change my job so that I deliver more value to my customers?”, magic can happen. We discussed this in a webinar this week (Innovation in Insurance: Differences across Continents). The point was made that there are specific actions (tricks!) that prepare a corporate environment for magic. Specifically:
- Establish a common language around innovation; what is it? what is it not?
- Revise reward systems, especially around encouraging “fail fast” behaviors
- Develop a communication plan around innovation - leverage Corporate Communication expertise to sustain a messaging effort around innovation
- Tune existing governance structures to handle innovation initiatives differently than run-the-business projects
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