The Innovation Scout is dedicated to bringing you the latest trends that impact innovation in your firm. Last year we brought you key insights and briefings on the rise of AI-powered voice recognition and its impact on innovation and future business opportunities. Now we bring to you two critical innovation trends and an excerpt from a paper, Blitzscaling and Beyond, by Dr. Nick Vitalari, an expert on innovation and scaling and organizer of an upcoming Forum on January 16, 2020, Blitzscaling for Good, anchored by Reid Hoffman and Chris Yeh. His paper and upcoming forum support the two trends we are seeing in the innovation community.
Two Trends Increasingly Impact Your Innovation Success
The first trend, an inspired culture, focuses on new cultural elements employed at companies to inspire their employees. The second trend focuses on a new approach to scaling as key success factor once the innovation enters the marketplace.
Many of us who work in the innovation arena know the powerful role that inspiration plays in corporate entrepreneurship and innovation. A culture that inspires employees is often a culture that innovates. When employees feel good about what they do, they seek to do great things. They are not satisfied with the status quo – is shows in their passion and in their heart. Few innovate only to make a profit, true innovation reaches beyond the corporate walls and seeks to make the world a better place.
But the new aspect of inspiration is how it plays out at the generational level. We are finding more and more companies that explicitly incorporate inspiration into corporate innovation. Why? First, because it is fundamental to a culture of innovation. But, second, in today’s workplace, a commitment to deep cultural inspiration is critical for the millennial workforce.
For many it is simply not enough to go to work and only accomplish personal aims. Nor are we finding that a narrow focus on work creates the so-called “fire in the belly” for this generation, nor frankly for many senior executives in leading companies. Note the emphasis at companies on social ventures, pay-it-forward programs with community organizations, and “sabbaticals” with foundations and institutes. Often the experiences outside the organization returns invigorated employees with new ideas that spur innovation back at work, not to mention higher levels of employee engagement.
The second trend concerns the recognition by many established companies, that, the old industrial style for scaling new initiatives is bankrupt. Markets and customers demand that new innovations that have passed proof of concept testing, must launch successfully and scale rapidly. It is abundantly clear that the innovation cycle is ever shrinking, that there are no guarantees for success and that global competition is intense. However, less appreciated is that scale is shrinking. Innovation must hit the market with intensity and scaling up the innovation must happen at unprecedented velocity, to yield scale return.
So, after the long march of internal innovation, the new product or service must achieve a powerful market position fast. Scaling cannot be slow and ponderous. Revenue must grow at multiples that significantly outdistance costs and rapid solidify a sustainable market position.
This is 21st Century Scaling
If you are innovating, you must know how to scale your innovation in the market with escape velocity.
Take a look at Vitalari’s paper. Inject relevant inspiration into your culture. Learn to scale at velocity. Achieve the market outcomes your innovation efforts deserve.
For more information on the Blitzscaling for Good Forum follow the link.