Making good on ideas
Four phases of innovation
One of the core principles of our Innovate to Impact framework is the notion that we’re creating something that adds new value to the business. And as we’ve seen, that value might be realized in new revenue streams, new customer services or internal efficiencies. As you move through the four-stage maturity model, the goal is to build out more impactful innovations.
But as discussed, there’s little point in expecting the business to appreciate and support your efforts unless you can articulate the value derived. Validation and measurement are key. So the four stages of innovation throughout the Innovate to Impact framework can be summarized as:
- Ideate. Generate a backlog of ideas through voice of customers, crowdsourcing, hackathons, workshops. Your initial focus should be on quantity.
- Validate. Test your initial set of ideas against a defined set of parameters to understand the likely impact. Prioritize those with the biggest potential returns.
- Incubate. Build rapid prototypes, regularly showcase your work, co-create the product with your stakeholders to target value delivery
- Measure. How have you performed against expected targets? Measuring your impact.