5 Key Focus Areas in Innovation Readiness
Innovation is easier said than done. Everyone seems to be talking about the new era of innovation in the United States. No doubt brought on by the requirement to be independent from the world’s corrupt supply chains. However, we must recognize the need to be practical about attempting innovation IN ALL THINGS. Face it: some countries are better at certain things than the U.S. But if we attack innovation smartly we can make great strides in the next decade. Here are 5 key areas to examine when considering innovation initiatives.
Inventory your core competencies not just seek opportunity: You can dream all you want about inventing the next iPhone but if you do not have the means to get from start to finish then it will remain a dream. Successful innovations leverage core competencies that already exist. It does not have to be just in a single company. Competencies can reside in a geographic areas and offer unique capabilities like port access, agriculture access or engineering talent access at a local marque university. Know your strengths and the path is easier.
Take the time and energy to be completely immersive in your innovation domain: Seek outside perspectives and collaborate with the subject matter experts in your technology. Ask around. VCs are excellent sources and should be willing to talk but add in university professors, industry thought leaders and others in the industry you intend to disrupt. Don’t act until you yourself are the expert in your chosen innovation.
Avoid the clingers, hanger-ons and pseudo entrepreneurs: These people will suck you dry. They are the ones out there curating innovation for their own aggrandizement. They are the ones who pretend they are entrepreneurial but really just seek their next job. Gravitate to those that are willing to put in the time and energy to get traction on the innovation. Collaborate with those that bring real value to the table in the form of a differentiated skill, original insight and/or a network that promises to help jump start the innovation.
Participate in an ecosystem: The data is clear about the correlation between innovation success and the participation, or at least co-located, in an innovation ecosystem. The energy and common goals tend to lift the entrepreneur when things don’t turn out like anticipated. Any conferences or gathers in your technological wheelhouse act to educate and cross pollinate ideas and strategies. Test your assumptions with others and listen to the feedback.
Remain vigilant and be patient: Innovation takes time and effort to commercialize and make a market success. There will be pivots on the way. You may need to wait until circumstances meet you rather than force the issue. Be mindful of market inflections that play to the advantage of your innovation and be ready to exploit the opportunity.