Find the Innovation Strategy That Best Fits Your Company
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Find the Innovation Strategy That Best Fits Your Company
- 1. curated by Vincent Pirenne THEINNOVATIONMATRIX. FINDTHEINNOVATIONSTRATEGY THATFITS YOURCOMPANY THE INNOVATION MATRIX. FIND THE INNOVATION STRATEGY THAT BEST FITS YOUR COMPANY
- 2. curated by Vincent Pirenne THEINNOVATIONMATRIX. Part 1/2. Patterns in the innovation matrix THE INNOVATION MATRIX. FIND THE INNOVATION STRATEGY THAT BEST FITS YOUR COMPANY
- 3. “What is the best innovation initiative for our organisation? How much time do we need to give them? ” How can we embed innovation in our organisation? How can we discover & free up intrapreneurial talent. ThepathofInnovationisnotlinear.
- 4. Photo by Jakub Gorajek on Unsplash There’s a galaxy of innovation formats out there.
- 5. * innovation workshops * design sprints * innovation centers * accelerators * incubators * startup funds * innovation challenges * hackathons * emerging business areas Photo by Jakub Gorajek on Unsplash How to choose the format that will your organization the most?
- 8. 2 vital parameters to navigate through innovation initiatives COMMITMENT We define innovation programs as any activity that influences and innovates a company strategy. This could range from a 4- hour workshop to a 2-year strategic innovation plan. So, the first variable in selecting the right innovation program is: do you need a one-off event (e.g. a design sprint, a workshop, etc.) or a structured plan (e.g. a center of excellence)? CAPABILITIES The first question you should ask yourself is: do you want to build on internal or external capabilities for innovation to happen? You may either promote the acquisition of a startup, or encourage intrapreneurial thinking with existing capabilities.
- 10. TheinnovationMatrix inthewordsof users I've used the innovation matrix to position Orange Valley innovation efforts toward the matrix, and it was really helpful. It allowed us to map out our current initiatives, and make a plan for the next steps, moving from intrapreneurship to emerging business model square. Nicolas Bry– Chief Innovation Officer Orange Valley International Innovation Executive ”
- 13. Let’s find your way in the Innovation Matrix
- 14. Startup Fund Emerging Business Areas Centerof Excellence External Incubator Internal Accelerator Community ofPractice Innovation Challenge Design Sprint Innovation Workshop BOARDOFINNOVATION.COM internalmixed CAPABILITIES external Structural COMMITMENT non-structural 1 Doyouwanttogrow internalcapabilities? Organisations are under heavy pressure to transform the skills of employees. This is often driven by digitalisation, acceleration, new competition,.. The following programs are designed to change peoples capabilities. Note: In order to change behaviour time is needed. Make sure to manage expectations. Perfect Helpful Wrongway
- 15. Startup Fund Emerging Business Areas Centerof Excellence External Incubator Internal Accelerator Community ofPractice Innovation Challenge Design Sprint Innovation Workshop 2 Doyou want to promote intrapreneurship? Internal capabilities are not the only way out. Design sprints or accelerators where external knowledge / feedback is used to grow business ideas, might be a good way to mix capabilities. Note: Make sure to give the intrapreneurs enough freedom to disconnect from the organisation. internalmixed CAPABILITIES external Perfect Helpful Wrongway Structural COMMITMENT non-structural BOARDOFINNOVATION.COM
- 16. ” TheInternal Accelerator in thewordsofUnilin Innovation thrives on entrepreneurship. With Board of Innovation, we created an internal accelerator, called the Unilin Arena. The Arena brought significant positive energy and made our most entrepreneurial employees step forward, coming up with refreshing new business ideas to be part of it. Focused boot camps and Board of Innovation’s lean start-up coaching of Arena finalists led to validated business cases in less than half a year. An accelerator has business (innovation) and people (entrepreneurship) benefits. JorritGillijns– Innovation Manager at Unilin
- 17. Startup Fund Emerging Business Areas Centerof Excellence External Incubator Internal Accelerator Community ofPractice Innovation Challenge Design Sprint Innovation Workshop 3 Do you value external growth above internal transformation? Your organization is looking for fast business growth. The use of external resources can boost your business inorganically. Note: Corporate venturing isn’t the easiest activity, so be sure to spread your risk and grow your maturity step- by-step. internalmixed CAPABILITIES external Perfect Helpful Wrongway BOARDOFINNOVATION.COM Structural COMMITMENT non-structural
- 18. Startup Fund Emerging Business Areas Centerof Excellence External Incubator Internal Accelerator Community ofPractice Innovation Challenge Design Sprint Innovation Workshop 4 Doyouhaveonesingle issueto tackle? One-off programs are short and sweet. In a matter of a few hours or days you are able to offer your employees a flavor of what innovation is. Note: Be aware that these programs tackle one single problem, deliver one single message, and train employees over a specific array of skills. It’s etter to be specific in the problem statement with this kind of programs, or you’ll get lost in irrelevance. internalmixed CAPABILITIES external Perfect Helpful Wrongway BOARDOFINNOVATION.COM Structural COMMITMENT non-structural
- 19. 5 Doyouwanttotakethe nextsteptoembed innovation? When you’ve explored the non-structural intitiatives, it is time to take the next step. These initiatives help you to truly give the space to new initiatives to grow. Startup Fund Emerging Business Areas Centerof Excellence External Incubator Internal Accelerator Community ofPractice Innovation Challenge Design Sprint Innovation Workshop internalmixed CAPABILITIES external Perfect Helpful Wrongway BOARDOFINNOVATION.COM Structural COMMITMENT non-structural
- 20. Startup Fund Emerging Business Areas Centerof Excellence External Incubator Internal Accelerator Community ofPractice Innovation Challenge Design Sprint Innovation Workshop 6 Doyouwanttoestablish along-terminnovation pipeline? Looks like innovation is at the very center of yourcompany: great tohear that. There’snow opportunity for high-level strategic discussion. By choosing long-term, highly- integrated initiatives, you’llmake surethat yourinnovation plan has the necessary time frame to impact youroperations and internal organization. internalmixed CAPABILITIES external Perfect Helpful Wrongway BOARDOFINNOVATION.COM Structural COMMITMENT non-structural
- 21. TheinnovationMatrix inthewordsofourclients At Engie we are constantly improving our innovation efforts, to boost the impact of our innovation strategy. The innovation matrix is a great tool to map out our innovation efforts and plan future initiatives. Hereby we can always anticipate our next step. Geert Fostier– Head of Innovation B2C, Head of Business Development at ENGIE BeNeLux ”
- 22. TheInnovationMatrix: Watch the webinar Watch it here
- 23. curated by Vincent Pirenne THEINNOVATIONMATRIX. Part 2/2. Different innovation initiatives THE INNOVATION MATRIX. FIND THE INNOVATION STRATEGY THAT BEST FITS YOUR COMPANY
- 28. Aninnovationworkshopisa(1+days) session through which employeesare invitedtocreatenewideasorbusiness concepts outside of the normalwork process. BENEFITS + Good use of internal knowledge and assets + Good way to spark an internal innovation culture CHALLENGES - Difficult to grow radical ideas - Selecting the right ideas - What happens next? 1 Innovationworkshop
- 29. TheinnovationMatrix inthewordsofourclients Innovation workshops or bootcamps are a good first discovery of new innovation formats. In a short period of time you can create tons of ideas. A watch-out is to make sure that the mass of ideas generated is usable and business oriented, therefore clear directions are needed. Afterwards, a good filtering is necessary to select those ideas that can bring the expected growth. Laurens Dejager – Innovation Manager BeNeLux at Anheuser-Busch InBev ”
- 31. Acommunityofpracticeisacross- functional groupofpeoplewithinan organizationwith commoninterestsand goalswhoshare expertisewithinthe organization. BENEFITS + Higher chance of organizational acceptance + Good use of internal resources + Growth of internal capabilities CHALLENGES - Slower speed - Difficult to grow radical ideas 2 CommunityofPractice
- 32. TheCommunityofPractice in thewordsofPhilips At Philips HealthWorks, it is our mission to strengthen and accelerate our pipeline with breakthrough innovation and toact as a transformation catalyst in HealthTech.Weuse a lotof the approaches fromthis quadrant depending on the specific need or problem to be solved. As an example, recently we started a CommunityofPracticetodevelop ourBusiness Model Innovation capabilities tothe nextlevel.Weneed this as many of ourinternal and external venturing activities are testing new business models to solve some wicked problems in the Healthcare domain. ACoPapproach helped us toexplore howsuch a capability would looklikeand tounlockexisting experiencesand capabilities frominternal an externalsources. PerryNouwens– Innovation Lead at Philips Healthworks ”
- 34. Acenterofexcellenceisaformal groupin theorganizationthat coordinates innovationinitiativesto ensurethat innovationisstructurally embeddedinthe organization. BENEFITS + Cleargo-topointfor innovation + Focused innovationefforts + Long-term innovation planning CHALLENGES - If notgiven enough resourcesand freedom,the impactofan innovation councilmightbelimited 3 CenterofExcellence
- 35. Startup Fund Emerging Business Areas Centerof Excellence External Incubator Internal Accelerator Community ofPractice Innovation Challenge Design Sprint Innovation Workshop 2 Doyou want to promote intrapreneurship? internalmixed CAPABILITIES external Perfect Helpful Wrongway Structural COMMITMENT non-structural BOARDOFINNOVATION.COM Design Sprint
- 36. A Design Sprint is a (five-day) process for answering critical business questions through design, prototyping, and testing ideas with customers.It is an ad-hocinitiativethatforcesemployeesto interactcloselywiththeoutsideworld. BENEFITS + Rapid idea development + Rapid external validation +Focusonspecificprojects CHALLENGES - Focus on desirability and viability, but not on idea feasibility 4 DesignSprint
- 37. Startup Fund Emerging Business Areas Centerof Excellence External Incubator Internal Accelerator Community ofPractice Innovation Challenge Design Sprint Innovation Workshop 2 Doyou want to promote intrapreneurship? internalmixed CAPABILITIES external Perfect Helpful Wrongway Structural COMMITMENT non-structural BOARDOFINNOVATION.COM Design Sprint Internal Accelerator
- 38. Aninnovationacceleratorisaninternal innovationprogramtofreeuptime for intrapreneurs to develop, test and grow new business ideas in a few months outside of organizational processes and deliverables. BENEFITS + Build on internal knowledge while exploring new opportunities + Give support to internal talent CHALLENGES - Difficult to select & free up the right intrapreneurial people 5 InternalAccelerator
- 39. Startup Fund Emerging Business Areas Centerof Excellence External Incubator Internal Accelerator Community ofPractice Innovation Challenge Design Sprint Innovation Workshop 2 Doyou want to promote intrapreneurship? internalmixed CAPABILITIES external Perfect Helpful Wrongway Structural COMMITMENT non-structural BOARDOFINNOVATION.COM Design Sprint Internal Accelerator Emerging Business Areas
- 40. Emerging(orNew)BusinessAreasare sandboxenvironmentswherenew business initiativescangrowbeforethey provetheir profitabilityandpotentiallyenteranexisting businessunit,orbecomea newbusinessunit. BENEFITS + Further project freedom + Both transformational and business growth potential CHALLENGES -EBAs carry significant uncertainty. Continuing belief and support at the executive level is essential. 6 EmergingBusinessAreas
- 41. Startup Fund Emerging Business Areas Centerof Excellence External Incubator Internal Accelerator Community ofPractice Innovation Challenge Design Sprint Innovation Workshop 3 Do you value external growth above internal transformation? internalmixed CAPABILITIES external Perfect Helpful Wrongway BOARDOFINNOVATION.COM Structural COMMITMENT non-structural Innovation Challenge
- 42. Aninnovationchallengeisanopen initiativetogetexternalexpertise to solve organizational orsocietal challenges. BENEFITS + Brings in external knowledge to solve internal challenges + First step to apply open innovation in an organization CHALLENGES - Quality of ideas uncertain/unknown - High PR effort needed 7 InnovationChallenge
- 43. Startup Fund Emerging Business Areas Centerof Excellence External Incubator Internal Accelerator Community ofPractice Innovation Challenge Design Sprint Innovation Workshop 3 Do you value external growth above internal transformation? internalmixed CAPABILITIES external Perfect Helpful Wrongway BOARDOFINNOVATION.COM Structural COMMITMENT non-structural Innovation Challenge External Incubator
- 44. Anexternalstartupincubatorisa corporateinitiativetosupport,grow andevaluateexternalstartupsfora specificperiodoftime. BENEFITS + Good way to experiment with radical innovations + Good way to explore startup collaborations before investment CHALLENGES - Difficult to connect / integrate activities with core business 8 ExternalIncubator
- 45. Startup Fund Emerging Business Areas Centerof Excellence External Incubator Internal Accelerator Community ofPractice Innovation Challenge Design Sprint Innovation Workshop 3 Do you value external growth above internal transformation? internalmixed CAPABILITIES external Perfect Helpful Wrongway BOARDOFINNOVATION.COM Structural COMMITMENT non-structural Innovation Challenge External Incubator Startup Fund
- 46. Astartupfundisacorporatefundthat invests inexternalopportunities.Itaims togenerate growththroughexternal capabilitiesinline withthestrategic objectivesofanorganization. BENEFITS + Ideal space to generate growth through external capabilities + Bring external assets in house CHALLENGES + Startup scouting is a time-consuming and difficult activity + M&A is, by default, a risky activity 9 Startupfund
- 49. Feelfreetotweak,fix,remixanypart of this work,as long as itis fornon- commercialpurposesand you credit BoardofInnovation. If you don’t,bad karma onyou. Didwemissanything? Reachout! Board of Innovation makes corporates innovate like startups, mixing proven methods from Design Thinking and Lean Startup. www.boardofinnovation.com VincentPirenne Innovation Strategist vincent.pirenne@boardofinnovation.com