In this short video, Alex Slawsby of InnoLead interviews Gina O’Connor, Professor of Innovation Management at Babson College, about the pre-requisites for a successful innovation program.
Her recommendations include:
- Develop a common set of priorities
- Establish the innovation council
- Establish the innovation team
- Identify and commit to domains of innovation intent
- Identify the optimal metrics
- Execute on the domains.
One important first step, O’Connor says, is to “develop a common set of priorities, in terms of areas of vulnerability that the company might have with regard to strategic innovation, and areas of strength… That helps them set the agenda about what they need to work on.”