In our Innovation Interview series, each month we talk to thought leaders, inspirers, and innovators to pick their brains about the state of innovation, trends, and what’s in store for the future. This week we caught up BEI: Back End of Innovation speaker Patrick Meyer, CEO, Futurist & Business 3.0 Expert at C-Level Advisor for Future 500 Companies.
Why is execution the most critical part of the innovation process?
Meyer: Ideas are the easy part; brilliant ideas that disrupt and drive purchase are golden. But they only work with brilliant execution!
What is the biggest challenge of innovation?
Meyer: Creating innovation that truly drives disrupting/reconsideration and sales/profits. Most innovation never comes close!
What does it take to create a balanced portfolio that wins?
Meyer: Pipeline! A series of continuous developed, beta or pilot tested solutions that continually come to market…for news value, momentum and steady revenue/profits. Then you must also evolve your offering, even culling and pruning where necessary.
How can we ensure buy-in of an idea across the entire organization?
Meyer: Skunkworks on building ideas, then cross collaboration and then CEO endorsement and funding.
Why is it important to drive and embed innovation into every part of the organizational culture?
Meyer: Most companies let pockets of innovation happen..maybe! But every part of the enterprise needs innovation thru ideas, new tech, partners and most importantly home grown innovation everywhere. The total biz model must evolve!
How can large corporate power-houses capture the spirit of a nimble startup?
Meyer: Create intrapreneur teams (little start-up teams) across the org. And make it fun…let them fail…reward their wins!
How can you ensure a successful go to market strategy?
Meyer: Create a process that identifies, creates, tests, works cross company…get to beta quickly, evolve, relaunch (or terminate), then repeat!!! Add fun, reward, champions at all levels! Make it part of the company DNA!!