Innovation that Fits

Moving Beyond the Fads to Choose the Right Innovation Strategy for Your Business
Michael Lord, Donald DeBethizy and Jeffrey Wager

Just about everyone in business today loves the idea of innovatino as a way to grow revenues and profits. As a result of that interest, there have been a succession of innovation fads and ideas. None of these concepts, however, have proven to be one-size-fits-all or definitely superior. Therefore, instead of trying to find the lone “silver bullet” of innovation, successful companies are now using a mix of different innovation tools and tactics to successfully innovate.

The main elements of this emerging portfolio of innovation options are:

Core Firm — Portfolio of innovation options
Concept <– 1. Corporate venture capital investments
Research <–> 2. Intellectual property licensing
Development <–> 3. Innovation by alliances, collaboration
Commercialization <– 4. Innovation by making acquisitions
Commercialization –> 5. Innovation spinouts

The key to making a portfolio of innovation options work is ot link what’s being done closely with the core of the business. Innovation choces need to be made in the context of balance and fit with that core rather than in isolation. Juggling the entire portfolio effectively is essential. At various times, specific innovation tools and tactics will come to the fore, while at other times different tools will be better suited. Managing this portfolio and keeping it fine-tuned is surely the future of sustainable and beneficial innovation.

Innovation that Fits

How to Influence Using Permission

(16413) Dave Lakhani says:

If people give you permission to explain your ideas or even to establish a business relationship with them, this skews the persuasive process in your favor. It places you in a position where you have more power to influence them to move in the desired direction. Accordingly, it’s always in your best interest to make it as easy as possible for people to grant you permission to influence them.

In practical terms, the best ways to do this are usually:

Ask people to take a trial or test drive of your product

Provide a guarantee or warranty

Tell people what you want them to do next and give them permission to make a decision right now

Ask people to act as if they have already made a decision and are now starting to enjoy the benefits

Ask the boss if employees have his or her permission to make the best decision for their company today

Provide reassurance and emotional support