INNOVATION MATTERS
Innovation has been a buzzword for a long time now and often associated with technology, (though innovation in its simplest form need not necessarily be pivoted on technology). Nevertheless, it is undeniable that #technology is making massive inroads in the development of products and creation of services people use and consume in their everyday lives. So why is innovation taking centerstage now more than ever before?
A recent World Economic Forum report points out that three-quarters of businesses are making #innovation a top three priority for 2021 in response to the economic shockwaves of 2020. It goes on to add that the most Innovative companies, from Apple to Walmart, are recovering more quickly from the pandemic than the rest of the pack.
In its latest report on corporate innovation, Boston Consulting Group (BCG) is warning that priorities are not enough — and a readiness to innovate quickly is key.
The report, Most Innovative Companies 2021: Overcoming the Innovation Readiness Gap, found that 75% of companies making innovation a top three priority in 2021 have outperformed their peers in terms of investor returns.
Refer Image below: Courtesy: Boston Consultancy Group
Well, Innovation does matter..and for companies that are itching to jump on the innovation bandwagon and leapfrog, this begets the question, how does one drive large scale innovation. At a more fundamental level, is Innovation an art or science?
Innovation is an art .. if you go by this theory below..
Why is innovation seen as an art?
The Art: Right-Brain Innovation (Psychological and Emotional)
Creativity is associated with the right-brain and the attributes that go with it such as intuition, feelings and emotions. Brainstorming for example is founded on these principles which entails emotional and psychological ideation techniques. These attributes have been seen to have promoted divergent thinking.
There are examples where art and artistic approaches are spurring innovation in large corporations. Take the case of Google. Google deploys artist residencies at the heart of its design work, bringing together artists who collaborate to develop new and innovative products. For example, choreographer Rocio Berenguer, was involved in Tilt Brush. There are examples of other organizations that collaborate with artists to drive cutting edge innovation in their product development.
So, is Innovation purely an art? Not quite, if the below is any indication.
The Science: Left-Brain Innovation (Systematic and Analytical)
The Theory of Inventive Problem Solving (TRIZ) provides a scientific structure for the innovative process. TRIZ provides the system, algorithms and heuristics that amplify the repeatability and reproducibility of the innovative process.
Nam Sub, a Professor at MIT developed a scientific component of design that could be coupled with the reliance on artistic elements to form Axiomatic Design. This approach represents innovation as a Science and the integration of principles and competencies from Axiomatic Design into TRIZ forms the interrelationship between the two competencies for revenue generation.
Left-brain characteristics have been integrated with innovation and many organizations are benefiting from this approach. For eg, Samsung trained some of its staff in the TRIZ methodology and is using it to solve problems and generate new ideas. Other companies such as BMW, Boeing, DuPont, Eli Lilly, HP, J&J, Sanyo, Siemens and Toyota are benefiting from this approach as well.
Then there is also a composite approach as outlined below.
Composite Innovation (The Integration of Art and Science)
Composite Innovation leverages both right- and left-brain attributes. It’s the practice of using both emotional and analytical skills. For divergent and open innovation, one may use a Brainstorming process with subject matter experts. To converge on a specific solution with static constraints, TRIZ could be applied. To be successful in innovation, an understanding of the different innovation vectors and how the science of innovation intersects with the art of innovation will be hugely beneficial.
But moving beyond the questions around the art and science of innovation, , fundamentally what matters is the mindset of people involved.
Innovation is a mindset
People with innovative mindsets are driven by willingness to change, are keen to make a difference, share resilience in achieving goals and are open for failure and learning.
Such a mindset is enhanced by 4 behaviors:
· Challenging the status quo and embracing ambiguity
· Taking Risks
· Adaptability and willingness to change one’s perspective
· Finding one’s passion
Getting ahead at an organization level
It is increasingly becoming evident that the businesses that will thrive in the post-pandemic era are those with a readiness to adapt to meet the challenges of a rapidly evolving world.
An organization with the desire to be innovative must apply a fast-paced innovation process with an efficient go-to-market roadmap. In this context, it should propagate a growth mindset and encourage and celebrate risk takers and innovators. It’s also critical to adhere to the notion of “failing fast”, as new ideas and concepts must be tested out quickly and shut down just as quickly if they don’t fly.
The most innovative companies of 2021, according to the BCG research, are those that marry the desire to innovate with the systems, leadership and processes that work to make it happen. Many of these companies are household names, but some have surged up the rankings after a period of innovation brought about by the emergence of COVID-19.
In summary, highly innovative companies that have successfully reinvented themselves swear by five main ingredients to an innovation mindset.
These are — be open to change, think big, challenge the norm, have a bias towards creativity, and accelerate the speed of thought and action.