Back in the day, during the Vietnam era, the suggested credo was “Declare victory and go home”. Some sick care entrepreneurs have taken a similar approach by hyping digital health and process solutions that will create “Uberized, disruptive, cutting edge” change. Most are too early and wrong in declaring victory.
Research is key in this era of big data and business intelligence. The truth be told, it is also a must when talking about innovation. Research lets you know where you are comming from and what to aim for when innovating.
In my 25 years of playing in the innovation space and partnering with both Fortune 500 and start-ups, I’ve come to realize that the most successful leaders say “I’m wrong” more than they say “I’m right.”
As part of LiiVE’s extensive research and interaction with Enterprises of all kinds in many regions, we have found that usually CEO’s and Business Leaders have innovation as a central element of the strategy. However, the follow up question is where Leaders tend to struggle in answering:
How does your Company Innovate?
Most CEOs pause and reflect to answer this question. After a few seconds, they start to describe the process, which usually start by describing an ideation process, then an idea selection step usually conducted at the top management level. Finally, sometimes even with a hint of pride, they would describe the different task forces, the potential outcomes and the incentives for employees.