Eight things to consider when looking to grow, transform and find new talent
I stopped using the term ‘corporate innovation’ a while ago. Why? Because there’s so much ambiguity and ‘theatre’ around the term that it’s become synonymous with lots of activity and no real impact. This was replaced by ‘growth’ or ‘future business’ as corporates learnt from their experiences and tried to better distinguish between activities that generated hype versus those that created real and sustained impact.
Despite the boom and bust of corporate innovation, companies still need to grow, transform and find new talent. As research shows, the message ‘innovate and disrupt your own business or somebody else will’ is a harsh one — but a reality for many.
There are many strategies available for how to set up and run innovation/growth functions in established organisations. Here are a few practical ideas to consider.
The growth function considerations
It’s all about the team
To grow and innovate, you need to find great talent with the right mix of skills. These skills can vary depending on your organisation and initiatives and include: entrepreneurship (Lean Startup), human-centred design, technical knowledge and analytical/investment/business model design. Ensure you reflect diversity in all forms and create small, cross-functional teams. Approach the team set-up as if you are assembling a puzzle and hire for the gaps.