During the past 20 years I have enjoyed the opportunity to work with over 1000 innovators and business leaders who create new products that impact the lives of many people. I realize that creativity and innovation can have a powerful impact on any business. Identifying innovations is a critical step in expanding and accelerating your business. These innovative ideas can reduce expenses, increase revenue, create a competitive edge in the marketplace, and foster a “team environment.”
Innovation in business is implemented by following a system that includes identifying, tracking, and evaluating innovations. Here are a few things to consider when starting to leverage innovation in your business.
Innovation Disclosures. You cannot leverage innovative ideas that are not identified. To identify creative ideas throughout your business, implement an innovation disclosure program that allows all personnel to easily submit descriptions of their ideas. Encourage everyone in your organization to participate in the innovation program and submit all of their ideas.
Create A Simple System. Many of the companies I have worked with create an innovation disclosure form or submission system that is fast and easy to use. The innovation disclosure form should identify the individuals who developed the idea and any information necessary to determine the value of the innovation to the company. If a decision is made to consider the innovation in greater detail, additional information can be obtained at that time. A simple submission system is not viewed as a burden by company personnel, and will likely result in documentation of many valuable innovations.
Tracking Innovations. Once submitted, use a tracking system to monitor the status of every innovation disclosure submitted. This tracking system should identify deadlines, upcoming public disclosures, and products or services that might benefit from the innovation.
Evaluate Innovations. Create a review committee to regularly evaluate innovation disclosures and determine whether the innovation can be leveraged to advance the company’s business objectives. This review committee should include personnel from different groups within the company, such as research and development, marketing, and manufacturing. These groups provide diverse views of how to best leverage innovations in the company in a manner that is consistent with the company’s goals.
To really accelerate your business, start encouraging all personnel to submit their innovations for evaluation – and reward those activities. I’ve seen many companies limit their innovative activities to a few key people, causing them to miss out out on many valuable innovations until they discovered the value of making innovation a company-wide activity.
You can start capturing and leveraging creative ideas today to expand your business and position your company as an innovator in the marketplace.
