Four Ways to Innovate Right Now

By Dr. Evans Baiya

While the pandemic has been difficult for all us economically, as business owners, we never run out of opportunities. No matter the business climate, there is always a chance to do something new and something better—you just have to find it.

This has never proven truer than now, with the way business has been forced to change and adapt due to lockdown. Businesses that are looking for opportunities are finding them, and those that aren’t are facing the consequences.

Right now, driving new ideas and innovation should be happening in your organization on a weekly basis. If you are not in front of what is happening, you will miss an opportunity or be disrupted in an irrecoverable way. Because of what we have collectively been through, I predict that the pace of change will be faster and the economic recession will be shorter than it otherwise might have been during normal times.

Innovation has many definitions, but in its purest form, innovation is creating new value. You must first determine where you can create new value. Then you need to validate what you have created by determining if your customers are willing to pay for it. If you succeed at creating new economic value, you are innovating.

If I was going to give any advice to a leader right now, it would be to look for opportunities along the four types of innovation. If you can manage this, it will change how your business operates and recovers from this period.

Product

Product innovation is introduction of a new or significantly improved product or service. New products or services that meet the needs of customers in a different way fall into this type of innovation.

First, ask yourself what kind of products you should be coming up with to create new value. What does your customer care about right now? You also have to broaden your typical thinking about what a product is because, as we’ve seen, a product can be virtual.

A sit-down Mexican restaurant in Nashville that is well known for amazing street tacos knew they had to change to a take-out menu when the restrictions from COVID-19 hit. They reduced their menu to only four offerings and created a delivery service. Their business is thriving because of this change in products.

Process

Process innovation is implementation of new, significantly different or improved production or delivery mechanisms for the product or service that your organization offers.

When you execute process innovation, your product will often be affected, so you may need to innovate in both areas or vice versa. A lot of simple process improvements can not only save you money but will even make you money.

One of my clients had been experiencing cash flow issues. We identified a process innovation that allowed them to reduce the amount of time it takes to get paid. When we examined the system closely, we discovered that clients were taking 50—60 days to pay invoices. By simply working with their bank, they were able to activate click-pay on their invoices and are now getting paid within 14 days.

Position

Position innovation is implementation of new context in which the product or service is introduced to the market. Innovations of channels, brand, and customer engagement fall under this type of innovation. Position innovation is often underestimated and even forgotten.

When considering position innovation, you must understand how people view your company, both internally and externally, and how they can see the value you bring to them. Think about your employees, your shareholders, and your customers. As you reconfigure your brand and create new messages, you will empower people to talk about your organization and ultimately bring more business to you. Position innovation can also be tied to process and/or product innovation, as you often need a new position to support innovation in either of these areas.

During the business shutdown, Gravity Payments created a software to help restaurants execute their own online ordering so they could keep 100 percent of the sale, instead of sharing a portion the sale with meal delivery services. The business can deliver the food to clients, deepening client relationships while keeping people employed. Gravity is using this opportunity to further position themselves as a champion for small business.

Paradigm

Paradigm innovation is implementation of new mental models that frame what the organization does. Innovation of the profit model, network, and organizational structure fall under this type of innovation.

Paradigm innovation can be a difficult to conceptualize, as it required deep and long-term thinking. But now is an ideal time to reinvent who you are as a company, which can work in favor of your growth. A paradigm innovation takes bold decision making.

The lockdown has given companies to opportunity to evaluate their purpose and mission. A sales training company in Chicago that has been profitable running in-person corporate training. They have been to change the company for growth, but they have not spent time or resources thinking deeply. COVID lockdown afforded the company the opportunity. It changed the purpose from being “sales trainers” to “sales content creators.” Its brand is changing from delivering corporate training services to thought-leadership. This has long-term consequences to the company and its brand. It will need to develop new products, update external and internal processes, come up with different positioning, hire new talent, invest in a new infrastructure, and develop a new revenue model.

If you feel stuck when it comes to innovation, remember that there is great opportunity in solving problems of the people that you serve. Our clients find their best ideas when they are thinking about their customers—even better when they are thinking together with their customers. COVID-19 has changed every business in one way or another, which means that leaders need to be talking to customers to help identify their next opportunity. Do you know what new product, process, position, and/or paradigm your customers need now? There is opportunity to create and deliver new value.

About the Author

Dr. Evans Baiya is an internationally recognized and trusted guide to business leaders and innovators. Using his 6-stage process, he helps the businesses identify, define, develop, verify, commercialize, and scale ideas so the businesses and individuals can learn, grow, and thrive.  He is the co-author of the award-winning book, The Innovator’s Advantage and co-creator of The Innovator’s Advantage Academy, a detailed step-by-step innovation training. Learn more at TheInnovatorsAdvantage.com.

 

This article originally ran in Innovation Management

Navigate the Storm Using Innovation and the Talents of Your Team

By Tanja Yardley

I have a bias to confess to.  The phrase “we are in this boat together” sparks an almost irrational irritability. While we are in this pandemic storm together, we are most certainly not in the same boat.   As leaders, we know instinctively that some of our team members are flailing around in a dinghy with multiple holes, barely holding themselves above the water line and bailing continuously.  Others are zooming around in a motorboat, enjoying the sea breeze and checking on all the other boats. Some are lucky enough to be cruising in a well-appointed yacht, enjoying umbrella drinks with loved ones and hoping that this quality time doesn’t end too quickly.  Times like these expose the gaps, the rocks, and the choppy seas, as well as the skill and resiliency of the sailors.  

Leading is difficult at the best of times, but now, more than ever, emotional intelligence and creativity will guide successful decision-making. As forward-thinking companies regroup and rechart their course post-pandemic, innovation creates opportunities to pivot in response to the headwind and gain momentum. According to Evans Baiya, co-author of The Innovator’s Advantage, innovation is an opportunity to create new value.   It’s a team effort that embraces a broad and diverse range of skillsets. It’s an opportunity to draw your team together in a meaningful way, bolstering the full range of vessels in the face of the stormy sea.  Innovation can be the lifeboat that brings your company safely to shore. 

Whether you are innovating in a time of crisis or a time of calm, the same principles apply:

 

  1. Understand the skills, strengths and situational context of your team members.

 

 

Each of the six stages of successful innovation laid out in The Innovator’s Advantage framework requires a unique skillset.  

 

The Identify stage requires the sky watchers perched in the crow’s nest of the ship—team members with great futuristic and creative thinking skills, adept at looking at problems and identifying patterns while generating and gathering ideas.   

 

The Define stage is ideal for the navigator—a team member who excels at gathering data about the scope and scale of the problem to be solved or opportunity to be captured, while qualifying and ranking potential solutions against the criteria that will define success. The Define stage clarifies the problem to be solved and the solution to be tested, and culminates in a map of the journey for the team that will get the job done.

 

The Develop stage demands seasoned sailors—resilient self-starters, skilled at managing the projects, processes and people who will deliver the big-picture results; undaunted by the obstacles that present along the way. 

 

The Verify stage often falls to the ship’s engineer. It’s all about experimenting with your proposed solution(s), testing, tweaking systems, gathering feedback, failing forward and adjusting course where needed.

 

The Deploy stage is where the captain’s skill and strength at navigating the waters of implementation and change management will really shine.  Strong communication, team-building and emotional intelligence ensure that the oars are aligned in the water for maximum thrust.

 

The Scale stage often attracts the swashbuckling-explorer type.  Charismatic, confident, optimistic team members who engage others with their stories of storms surmounted and treasures found.  These individuals bring insights and opportunities to scale innovation beyond its original intent, finding new markets and options to diversify.

 

Innovation projects engage the full range of diverse skills and strengths of your team members around a meaningful common goal.  Managing this amongst a distributed team, many of whom will be working from home, may require a higher level of creativity and communication, but it’s worth it. Ensuring that each person is positioned in alignment with their skillset and unique vantage point will restore confidence and drive cadence. It’s a crucial step in helping people shift out of situational crisis thinking and into a more future-focused mindset. As Peter Drucker once said, “The best way to predict the future is to create it.”   

 

 

2. Decide TOGETHER what problem to solve  

 

 

Solving problems together generates momentum and a meaningful sense of purpose.  Skilled leaders can leverage this insight to bring teams together and stimulate deep, generative conversations about problems that need to be solved with and for your clients.  In a crisis situation, problems abound and are compounded by the fact that your customers’ needs are changing minute-by-minute.   What seemed important pre-pandemic may be completely off the table once the storm settles. This is where diversity can help you create a more robust and nuanced approach.  

 

Start by asking the right questions.

 

  1. What are the jobs that our customers need to get done? What obstacles are getting in their way? What new value can we create in the process of helping them? 
  2. Who is affected by these problems and what is the impact?
  3. What capabilities do we have, or will we have to create, to address these challenges and solve these problems?
  4. Is this a meaningful problem to solve, now and in the future? Why?

 

Ensure you are asking the right people. 

 

  1. Brainstorming with your team is a great preliminary step, but it is important to reality-check your proposed solutions with your current and prospective customers early on to ensure that you are on the right track.
  2. Where possible, embrace the option to co-create a solution with your customers that engages them in the process and allows them to experience the rewards of a problem well-solved. Not only does this ensure that the solution meets their needs, it also contributes powerfully to a sense of alliance and loyalty.  

 

Once you are clear on the problem you want to solve and the constituency of the Innovation Team, the structure of the innovation process lends itself well to collaboration at each stage. Customers can have an advisory role in identifying the scope of opportunity and the key features of the solution in the Identify-Define stages.  They can be invaluable in beta-testing and tweaking the design during the Develop-Verify experimentation phases.  If the solution lands well in the Deploy stage, they might take an active role in the Scale stage, bringing it to new customers or re-imagining how it can solve new problems.  

The old adage applies here: a smooth sea never made a skilled sailor. The beauty of a well-executed innovation project is in its ability to unite, bolster and strengthen your team while simultaneously differentiating and deepening relationships with key customers.    

Tanja Yardley is founder and Chief Innovation Officer of Wellspring, where she works across multiple industries with leaders, inventors and learning institutions to create innovation-focused, cross-functional leadership teams that thrive as a result of diversity and cross-pollination. She spent over a decade as a VP and National Healthcare Innovation Lead for Canada’s largest private healthcare company.  

 

During Crisis, Don’t Neglect Your Company’s Most Critical Asset: Ideas

By Dr. Evans Baiya

It has been said, the best way to find your way around a new location quickly is to ask for ideas. As many of us are working from “new locations, ideas are more important than ever. What is the best way to manage those ideas? How do you continue to engage your employees so they give you the best ideas?

Ideas are critical for survival, especially during crisis. The goal is to survive smartly and position yourself for growth. One of the most important actions a company can take during times like this is to ask for ideas from all stakeholders, in order to make timely and impactful decisions.

How do you take advantage of idea generation in a remote environment? When people are thrown out of their normal routines, working remotely, and encountering business challenges, they typically come up with more ideas than usual. You need a way to tap into this resource.

Crisis represents a great opportunity for leaders to maximize their stakeholders’ ideation abilities. Yet many leaders do an insufficient job of asking for ideas during a crisis. Those who tap into their organization’s idea factories—a system that allows for the constant generation of ideas—do better surviving crisis than those who do not.

Are you losing ideas?

I hear from frustrated leaders all the time, who tell me that they and their teams seem to come up with plenty of ideas during meetings and discussions, but they seem to lose most of them. You can’t take advantage of ideas if you don’t have them.

One of the main challenges of idea management is meaningfully capturing ideas. It sounds strange, but to test the theory, where are the ideas you generated from your last Zoom or teleconference?

We lose ideas in a variety of places, but even more so when working remotely. They are lost in digital meetings, post-it notes, emails, chatrooms, chatboxes, personal notebooks, online surveys, SMS messages, social media, web forums, musings and more.

So where are your team’s lost ideas? Here are three proven ways to collect and manage ideas:

Create an idea bank. Ideas are like money. You need to know where and how much you have at all times. You must allow your employees to access the bank, to deposit or to remove ideas. It must be easy for them to not only give you ideas, but also to see how their ideas are used.

Share intentionally. When you share ideas, use a system so you can track them and follow up. Make sure everyone is familiar with the system and can use it to share their thoughts, both individually and corporately. The more the avenues for sharing ideas, the higher the likelihood that they become lost, so sticking to a single method is best.

Encourage follow up. Most people do not ask for or receive follow up on their ideas. They give an idea to a leader, but never know how the idea was put to use, if at all. How did the idea get improved? How did it inspire other ideas? Or why wasn’t it chosen? Without this feedback, you lose out on opportunities for employees to help you come up with another idea that is better. You also lose out on employee engagement and additional ideas. If they feel that nothing was done with their original idea, they won’t be inspired to give another.

 

Dr. Evans Baiya is an internationally recognized and trusted guide to business leaders and innovators. Using his six-stage process, he helps the businesses identify, define, develop, verify, commercialize, and scale ideas. He is the co-author of the award-winning book, The Innovator’s Advantage and co-creator of The Innovator’s Advantage Academy, a detailed step-by-step innovation training for innovators and business leaders. Learn more at www.theinnovatorsadvantage.com.