A Strategy for Innovation and Creativity

A strategy for Innovation and Creativity

The challenges of coming up with fresh ideas and realizing profits from them vary differently for every entity or organization. One may excel at finding good ideas but may have weak systems for bringing them to the realistic need. Another may have terrific process for funding and rolling out new developments but a shortage of concepts to develop.

Applying any greatest or latest innovation approaches and tools without understanding the unique deficiencies in the innovation system irrespective of any entity or organization. Mere frameworks for evaluating innovation performance can help in great extend which can be done through value chain based innovation. It comprises the three main phases of innovation- idea generation, conversion and diffusion, as well as he critical activities performed during those phases(looking for ideas inside your entity; looking for them in other entities; looking for them externally; selecting ideas; funding them; and promoting and spreading ideas in the environment in work). Using this framework, entities and organizations get end-to-end view of their innovation efforts. They can pinpoint their weakest links and tailor innovative best practices appropriately to strengthen those links.

Organizations typically succumb to one of the three broad ‘weakest-link’ scenarios. They are idea poor, conversion poor, or diffusion poor. Successful organizations modify the best innovation practices and apply them to address those organizations’ individual needs and flaws. They look at all the angles for finding any pitfall and shortfall, and endeavor for filling in improvements.

Adopting chain based view of innovation requires new measures of what can be delivered by each link in the chain. The approach also entails new roles for entities – ‘external scouts’ and ‘internal scouts’, for instance. Indeed, in the search for new talent, organizations should seek out those candidates who can help address particular...