Start Innovation Efforts the Right Way

Do you start innovation efforts by assembling a group of people and telling them, "It's innovation time!"? If so, your vagueness may be setting them up for failure.

Instead, begin by establishing a goal for five years from now: Will you double your business? Hold it steady? Next, estimate how much your development pipeline will contribute to that goal. The gap between this estimate and your goal is your target for new innovation efforts. Such targets help people know what they're shooting for.

Then determine which tactics will be on--and off--the table. Don't assume chaos is a friend of creativity. By clarifying acceptable tactics, you help people focus their time and energy on activities that will give innovations the best chances of success.

Today's Management Tip was adapted from "How to Form an Innovation Strategy," by Scott Anthony.

By Editors  |  May 15, 2009; 9:00 AM ET  | Category:  Management Tip of the Day
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