We believe in continuous innovation and it will drive us all the way to success. We trust in Robert Rules of INNOVATION : A 10-Step program for successful corporate - It seems to be more concrete, and chronicles several decades of practical experience to solidify the principles which together spell INNOVATION:
The 10 INNOVATION Principles in iContribute Infotech are:
Inspire. The first and most important step is to identify a leader who can inspire and drive the process. In a startup, that needs to be the founder or CEO, and that person has to be regularly and personally involved. This is an imperative.
No risk, no innovation. Not every idea can, or will, be a winner. Without risk, there can be no innovation. Innovation teams perform best when they trust that failure or a pivot will not result in punitive measures. Fear of failure can kill innovation.
New product development process. A formalized process with time lines and milestones is a must. This should include at least the key elements of idea generation, prioritization, prototyping, commercialization, and measurement.
Ownership. Innovation needs ownership, a champion and team leader within the organization. The champion must have the credibility to convince others to take calculated risks and work outside of one`s comfort zone.
Value creation. Successful innovation turns ideas into money, to enhance customer value, and thus shareholder value. Longer-term, enhanced product value begets superior company valuation through your organization's intellectual property (IP) portfolio.
Accountability. This is a critical component of the trust equation, even when the process is akin to "herding cats." Team members need to feel responsibility for on-time delivery. Slippage is the sure way to jeopardize the entire process.
Training and coaching. Proper hiring of people with a natural curiosity, open-mindedness, and ability to see the big picture is the way to create and enhance the right mind-set. Ongoing coaching from the top is essential to maintain the attitude and spirit.
Idea management. Build and manage a pipeline of ideas. From time to time, include customers and sales members in ideation sessions. Make sure all team members have some connection with the product has either used it, or sold it, or assembled it.
Observe and measure. Tracking results are essential to optimal ROI. Product life cycles keep getting shorter and shorter, which mandates accelerated innovation cycles. Once a new product is launched, a key metric is the ratio of new product sales to overall sales.
Net result and reward. Based on ROI, incentives should be developed for all participants. Reward your people. Frequently, the key motivator is less financial than it is recognition for a job well done. People are your best innovation resource.