Summary of Tip 2 (of 40) from Best Practices Are Stupid.
How Can You Avoid Becoming a One-Hit Wonder?
Lipps Inc, The Sugar Hill Gang, and Haddaway, known for hits like Funky Town and What is Love, exemplify “one-hit wonders.” This phenomenon parallels businesses that shine momentarily but later fade. To prevent becoming a corporate one-hit wonder, make innovation predictable and sustainable, treating it similarly to other organizational capabilities, like finance. Key components for sustainable innovation are:
Strategy: Clear directives on the purpose of innovation, such as a specific growth target or improving customer lives.
Measures: Quantifying the impact of innovation and aligning it with business outcomes.
Process: A comprehensive model from challenge identification to solution implementation.
People: Fostering a culture where diverse views are appreciated and creativity is nurtured.
Technology: Utilizing tools that encourage collaboration and disseminate innovative thinking.
It’s imperative to elevate innovation from mere R&D discussions to a central business capability, equating its importance with finance or marketing. This shift ensures innovation remains a driving force and doesn’t become a fleeting success.
Note that I am not suggesting turning innovation into a department. Exactly the opposite. The goal is to democratize innovation and embed it everywhere.
Tip 3 is about how to engage everyone in your organization – and not through suggestion boxes.