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OUR APPROACH

Often companies get lucky with one successful innovative business, but it can be tough to figure out what it takes to repeat that success. Companies struggling with this issue come to us with questions such as:

  • How can we be more innovative?
  • How do we build processes and structures to create a stream of new growth businesses?
  • How do we kick-start growth that is threatening to flatten?
  • How do we create a culture of innovation?

How we respond

True long-term success requires the ability to create a steady stream of new growth businesses. Put another way, companies need to build an "innovation dynasty" that churns out new business after new business.

One core principle of our work is that a company needs to develop a separate, standalone process for new growth businesses that go beyond the company's core. We work to help build and implement such specially tailored processes. Key elements of the process include:

  • Separate tools and metrics for different types of opportunities: Existing tools and screening criteria often discount high-potential growth strategies. Innosight can help build new, company-specific tools based on defined patterns of success.
  • A new role for senior management: Succeeding with growth and innovation requires active participation from senior management. Innosight can facilitate interactions with senior managers, coaching them as they develop the new behaviors required to succeed.
  • A "New Growth" Board: Select senior managers should meet on a frequent basis to review the company's strategic innovation portfolio, assessing progress against defined milestones and making important strategic decisions. Innosight can help form the board and ensure it is positioned for success.
  • Dedicated resources for different types of projects: Companies need to have a portfolio of innovations, with different buckets of money for different types of projects. Innosight can help define a reasonable allocation across opportunities.

We typically find building this process is best accomplished in conjunction with work on specific projects. This integrated approach allows the process to be more tangible than a set of PowerPoint slides and allows companies to learn by doing in a way that ultimately creates a stronger process. Projects of this nature typically last one to three months.