Innovation Resolutions for 2005

[BMP]

It's that time of year when we all start setting objectives for the
year ahead of us. Me? I want to run an Olympic Triathalon, win the
lottery, and find my six pack (yeah, right...maybe in the fridge...) -
but what should Corporate Innovator's be targetting to get accomplished
for 2005?

Here are some recent stats on innovation from BCG that was recently
published in the Corporate innovation Blog too to consider:

<a
href="http://imaginatikresearch.blogspot.com/2004/12/more-innovation-stats-boston.html">More
Innovation stats - Boston Consulting Group</a>

[Breeze]

In the link you provided, Jim Andrew, a Senior Vice President at BCG
said, "The problem is that if the returns continue to disappoint,
senior executives may begin to rethink their innovation plans......"

I would argue that financial returns are not the only measure of
success for innovation efforts. There is significant value in lessons
learned and cost avoidances revealed as a result of ideas going through
a thorough innovation process.

In 2005, we need to learn to articulate the FULL value delivered by
innovation efforts. If we can do that, all our jobs will be easier.

[MCT]

If one looks at the most 'successful' business practices that have been
adopted over the past decade or so, we see things like CRM, eBusiness,
BPR, Six Sigma, etc. These practices were never solely judged on a
single criteria, and if they were, money was rarely the only one.

I think we in corporate innovation need to up our game, be more
aggressive about benefits, and give our leaders more direction in what
to expect from innovation - and what to demand. Framing the discussion
only in terms of financial results is a mistake.

That said, most of the current innovation initiatives are closely
linked to business strategy, the multi-faceted list of important TO DOs
from the executive level. Innovation is often one of the line items,
but innovation practices and methods supports the achievement of many
of the rest as well. The opportunity is there for the corporate
innovator right now - and there are methods to help you.

Mark