Every company wants its employees to meet financial targets and at the same time be as innovative as start-ups. Many try to increase innovation by incentive programs or other extrinsic, but expensive factors. Continue reading if you’d like to save some money and learn some tricks to boost innovation.
While getting money for innovation is good, creative minds are often less extrinsically motivated. Most likely other factors would boost disruptive innovation in large enterprises a lot more:
Appreciate an idea (give credits where they belong, no stealing of ideas) and be supportive (give a voice, give space).
Boosting innovation might be easier than you think and doesn’t cost a fortune.
Practical Tip 1 – Be Prepared to Document
Keep a nice notebook (paper) and a pencil next to your bed to make a note whenever the muse visits. Don’t do it on loose sheets of paper. It doesn’t have the same effect and it gets messy fast. Leave space when you start with an idea by using the right sides only for example and write down dates whenever you add info.
Enterprises should provide online space where employees can propose ideas and collaborate with others (enterprise idea management platform). Employees throughout the company can join a project, not just a specific group.
You will see that over time the book with your ideas will get very full. You will go back to ideas you had years before and supplement them over time. I started with my books 9 years ago and got several hundred potential business and startup ideas.
It also happens from time to time that you see ideas you had in your book appear as actual products. Don’t worry about it, but take it as an “It can’t be too wrong what I’m thinking if some of the greatest minds have the same idea.” Try to learn from these occurrences how the innovator brought the topic to life.
Practical Tip 2 – Provide Environment
As an enterprise, plan some money for domain experts to provide a platform for further ideation (afterburner) of topics added to the enterprise idea management platform.
Allow departments to easily fund employee projects. Introduce an innovation currency (1 coin per person) for every employee which can be spent independently.
This fixes that some topics never get fixed due to the profit/loss responsibility of internally competing departments.
Practical Tip 3 – Learn to Sketch
Learn how to sketch. It is easier to add a small sketch to an idea than to describe it, especially when you want to communicate your idea in order to gain support for example in a management review presentation.
Practical Tip 4 – Provide Resources
Make room for innovation. If you are a company, I would highly encourage you to make room for your employees to explore better ways.
Give free access to equipment in their spare time such as servers, spectrum analyzers, motors, CNC machines, lathes or whatever you’re working with.
If employees have a good idea, encourage them, connect them with resources and give credit. Treat their ideas with respect and at an appropriate time, act as a sponsor / financial angel.
Practical Tip 5 – Rapid Prototyping
Automation and fast turn around is key. If you’ve left the initial stage (sketching, enriching) of the idea, being fast to iterate is key.
In the hardware world, this means rapid prototyping with 3D printing, 3D scanning, the use of a desktop CNC router, etc.
For software try either low code platforms or ecosystems with plenty of libraries and automate as much as possible.
Try to focus on “delivering” full cut-troughs through the stack to allow potential customers to test your product. This is where you should do hypothesis-driven testing at the latest. I prefer to already start it at the beginning.