Create an Innovation Portfolio
One of the biggest obstacles to innovation in most organizations is the addiction to short-term results.
Hustling, speed, and fire fighting all too often rule the day -- resulting in the kind of over-caffeinated efforts that make everyone cranky and don't necessarily ensure that next quarter's output will satisfy your Board, stockholders, or key stakeholders.
Focusing on your next quarter, of course, is a necessary part of business. But not to the exclusion of the long-term.
Someone's got to be focused on developing projects that won't see the light of day for 3 years... 5 years.... or even 10 years out. That is, IF you want your organization to be more than just reactive.
If you are serious about innovation, you will need to develop an Innovation Portfolio, one that includes short-term, mid-term, and long-term goals.
Innovation doesn't happen quickly. It takes time.
If you plant an apple seed today, you're not going to get an apple harvest tomorrow... or next week... or next year. Pulling on the seedling or yelling at the tree to deliver apples faster isn't going to work.
Here's an exercise to create your Innovation Portfolio:
1. Define what you mean by "short-term," "mid-term," and "long-term."
2. Make three columns, headed by each of the phrases above
3. Jot down projects, ideas, and initiatives that fit into these three "time horizons."
4. Present this list to your team and get their feedback.
5. Tweak the list as needed.
And now for a joke to help you see the possibility of thinking more long-term...
So there are these three yogis meditating in a cave. They've been there ten years -- in silence the entire time.
One day, in the tenth year of their retreat, an albino mountain lion makes his way to the mouth of the cave and lets out an earth-shattering roar.
Five years pass.
The first yogi says "WOW!"
Another five years pass.
The second yogi, says, "Yeah, I know what you mean."
Five more years pass.
"HEY! If you guys don't shut up," says the third yogi, "I'm moving to another cave."
Posted by Mitch Ditkoff at September 20, 2008 09:37 AM
Comments
I loved your post. The thing is.. it's hard to get this idea into managers' heads! Most people don't want to hire someone just for innovation. And when there is an innovation comming from within most companies don't listen... so innovation doesn't come easy, before the portfolio, i think there is a question of whether you want to listen to your people's ideas or not. Then build a portfolio, but that requires people to manage it, and you won't see results from those people usually in a long time. Getting people to understand why innovation is important and why you should dedicate time is hard!!!!
Posted by: flor ![[TypeKey Profile Page]](http://www.ideachampions.com/weblogs/nav-commenters.gif)
at September 23, 2008 10:44 AM
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