3 Tips for Enabling Innovation in your Company

To understand if your organization is ready to innovate, you need to look at three things. The first one is leadership support. The second one is organizational design. And the third one is your innovation practice. So for the first one, you need to ask yourself, how much time is your CEO spending on innovation? Personally, every week. And if it's not 20 to 40% of his or her time, you're not going to get innovation in your organization. The second one, organizational design, you need to look at the position of innovation in the org chart. Number one, it needs to be a full time position. Growth and innovation is 100% job. And second, that position needs to report directly to the CEO. If that's not the case, innovation just doesn't have enough power in your organization. And the third aspect is innovation practice. And here you need to look at the kill rate. How many projects are you killing? Because they're not producing evidence of getting anywhere. So if you don't kill nine out of 10 projects, you're actually condemning your teams to succeed. So that means they're going to play it safe, they're not going to innovate. So if you have a high kill rate, the winning ideas will emerge because your teams are going to take the risks to innovate because they know it's safe to fail. So, so three things. Leadership support, organizational design and innovation practice. Good luck with innovating.