8 questions you must ask to create innovation that works | London Business School
must ask to create
innovation that works.
Shareholders, analysts and the
financial media demand innovation
and perpetual growth.
Is the ‘why’ greater than the ‘how’?
Why do anything
Prevent fundamental errors and ensure
your proposal ties in with the organisation.
A complex project may require your very
best people and a greater amount of their
focus than can be spared. Can you really
add more to your to-do list right now?
Why do this
Will the results please your customers?
Remember, there are three ways to create
value: earn more, spend less or do things
more efficiently. Ask: is the problem big
enough? If yes, the challenge then is to
articulate the benefits effectively.
What does success
What will you gain? You must be able
to explain the ideal outcome. Once
you’ve projected the benefits, examine
whether the end scenario will excite your
customers and your shareholders.
Why act now? Define your timescales.
If you can’t persuade others that the
time is now – don’t go ahead just yet.
Watch the indicators and reconvene if
Who could or should
do this internally?
The source of innovation is not always
where the execution ability sits. Confirm
synergies and avoid risk by identifying
where the new ‘thing’ belongs. Who will
lead? Who might you call upon from HR,
finance or legal?
could do this better?
Think hard – does your team have the
necessary skill-sets to achieve the
optimum outcome? It’s expensive and
risky to create an entirely bespoke
platform unless the opportunity is
What else could
I do instead?
In a competitive trading environment
there’s a constant pressure to innovate.
Don’t lose focus. Ask: is this the best
thing to do? Actively seek alternative
views and consult relevant experts.
Start with a strong project manager,
a detailed plan and clear objectives.
An established, flexible structure will
maximise the chance of success.
anything at all?
Ask these questions to stay focussed
on what’s important, including to:
• Test and refine the proposition
• Clarify the pitch narrative
• Fire up your audience’s imagination
• Anticipate pessimism
• Persuade others to invest.
The full article was published in London
Business School Review Volume 26, Issue
1 2015 and was written by Nayeem Syed
JEMBA2008, Assistant General Counsel,
Financial & Risk, Thomson Reuters.
Visit the website: www.london.edu/lbsr