What is one of the most impactful roles an executive can have in an innovation management system?
A funding one, of course.
In companies that have best innovation practices innovators bring forward data-backed proposals, outlining key risks and expected results.
Based on that, executives can make an informed investment decision, release funding in tranches, and retain an option to stop funding the project before it gets too large to fail.
These executives are usually grouped into an innovation board, allowing them to laser focus their time and effort on their key job: saying yes or no.
They should take care to avoid the following mistakes, else they risk wasting their time and resources:
- Not taking a deliberate decision
- Not documenting taken decisions
- Inconsistent scheduling and cadence
- Inconsistent structure and timing
- Running it as a status meeting
- Running it as a brainstorming session
- Running it as a pitching competition
- Asking ill-suited questions
- Handing out minute tasks
- Framing it as "us" versus "them"
- Failing to create a transparent and collaborative space
Interested in learning more? Then start with the following:
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