With new year around the corner, it's time to review your innovation performance.
Consider making a list of all innovation projects and teams you have, and review the following:
- Is it clear what they are working on, with what purpose, and for what objective?
- Are they aligned with your overall strategy?
- Have they achieved notable progress in respect to their intended customers and/or users?
- Have they documented key learnings and insights?
- How are they different now, compared to twelve months ago?
On aggregate, review following:
- Does your innovation portfolio match your ambitions?
- Does the risk reduction justify the investment?
- Does the potential revenue justify the investment?
- Are there other opportunities that would be better to invest in?
- What is the dominant nature of your innovation initiatives?
If you catch yourself doing logical acrobatics to justify any single idea, project, or initiative, then that most likely requires further—critical—attention.
Stopping an idea does not mean firing the team; on the contrary, it means that now the team can be working on another promising idea.
Remember, culling ideas is an important step towards profitable innovation.