Vincent from Board of Innovation walks through a tool that helps teams write a focused innovation mission. It uses five building blocks and eight stakeholder questions to capture what's driving change inside and outside your company, then turns that into concrete goals like transforming 95% of the organization or launching 50+ new ventures per year.
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Hi, I'm Vincent from Board of Innovation and in this video I'll explain the innovation mission map. The reason why we created this tool is because we've noticed that a lot of innovation teams struggle with identifying their focus. And we want to help you to shape your innovation mission statement that will help you to find that focus. So let's dive into the tool. The tool contains two key elements, the external and internal drivers of your innovation strategy and your innovation mission statement. The tool will help you to do three key things. The first thing is to ask the right questions to internal and external stakeholders. The second element is to summarize your insights in one clear tool. And the third element is to shape your innovation mission statement based on those insights. Let's dive into the tool itself. There's five building blocks that you can see on the tool. The first one is future opportunities. What opportunities could accelerate the growth of your organization? The second element are the disruptors. What disruptions could happen to your organization in the coming five years? Then we have the corporate strategy to identify what's the overall strategy of your organization. And finally, what is the role of innovation within that strategy? We're not crafting these elements out of nothing. The goal is really to capture what what's already existing. It's really the goal to understand what people think about the corporate strategy and about potential disruptors. Let's take a deeper look on the tool. The drivers of your innovation strategy can be summarized in eight simple questions. I'll guide you through each one of those questions by using a fictitious case of a retail player that wants to shape its innovation mission statement. The first question is what technologies should you use to accelerate your business? In this case, it could be AI or robotics. The second question you need to ask to stakeholders is what markets are relevant for your organization in the coming five years? In retail, again, we can look at the food industry or the healthcare industry. Next block is the disruptors. What could disrupt your organization? This can be on the short or on the long term. To start with the long term, clearly competition could come from Amazon or Google. The second question you need to ask is what are disruptors in the short run? In this case, it could be local online food retailers or local online pharmacies. If we then move into the internal drivers, we can ask another four questions. The first question on the corporate strategy, what is the long term strategy of your organization? Because that will definitely influence your innovation mission statement. In this case, it could be investing in long term innovations or becoming a platform organization. The second question of your Corporate Strategy what is your strategy for the coming year? On one hand, it could be keeping the leading position of this organization or growing margins with a specific percentage. Finally, we move into the role of innovation. The role of innovation is generally divided in two the central role and the decentral role. The first question you should ask is what is the central role of the innovation team? Often this can be summarized in standardizing knowledge and developing Horizon 3 innovations. The second question is what is the decentral role of innovation? In this case, it's developing innovations closer to the core business and closer to the markets and second, developing Horizon 2 innovations. When we summarize these insights on the internal and external drivers, we can jump into the next step. The next step is the innovation mission statement itself. In this case, they came up with the mission on we will be the most customer centric retail organization on the planet. An ambitious goal that we need to chop down into three elements. How can they basically do this? First of all by building one innovation capability, second by transforming 95% of their organization into becoming more customer centric and finally by supporting plus 50 new ventures each year. This was a summary of the Innovation Mission Map. I hope you've enjoyed the video. Make sure to visit boardofinnovation.com tools. You can download the Innovation Mission Map and many other interesting tools for free. So if you have any questions, feel free to reach out. We're happy to help and hope to see you in another video. Bye.
