Don’t Fall Victim to Things That Stifle Innovation

With all the talk about the importance of innovation, you’d think we’d be better at it by now. Not so according to a recent Accenture study of more than 500 executives at British, French and U.S. corporations. Rather than offering “the next big thing,” researchers said that innovations coming to market today are more typically “line extensions.” Instead of the game changing products, services, and business models that were anticipated several years ago, many so-called innovations have become considerably more limited in scope. 

First the good news: Over 70 percent of respondents to the Accenture study ranked innovation among their top 5 priorities--with nearly one in five (18%) putting it at the head of their list. However, study authors found two dominant obstacles standing in the way of driving higher returns from innovation: Conservatism and the “invention trap.”

1.      Conservatism focuses on individual line extension renovation rather than developing a broader portfolio that also includes big, hairy audacious ideas.

2.      The “invention trap” is an overreliance on the invention process itself.

The problem here is that most organizations—large or small--lack systematic, enterprise-wide processes that can commercialize inventions into scalable products or services and bring them to market in a timely manner. 
Here’s what else disturbed us about the Accenture report:

·         Only 34 percent of respondents believe their company has a well-defined innovation strategy.

·         46 percent say they have become more risk averse in considering new ideas.

·         45 percent see their company pursuing a portfolio of smaller, safer opportunities rather than seeking the next breakthrough.

Busting through inertia

We recently interviewed Michelle Mason, managing director of ASQ for the Association Adviser enews. Michelle told us that if your organization has complex problems to solve, “look for employees with high levels of curiosity.” Eric Wulf, head of the International Car Wash Association told us he’s a “resource getter, not a management of people person” and Bob Hasmiller of the National Association of College Auxilliary Services told us he’s a big advocate of “Management by Walking Around (MBWA)” and hiring people who are insatiably curious and lifelong learners.
Here’s another shocker: Nearly all (93%) of the executives surveyed in the Accenture report regard their company’s long-term success to be dependent on its ability to innovate. At the same time, less than one in five (18%) believe their own innovation strategy is delivering a competitive advantage. Fewer than half the present-day respondents believe they have an effective approach to new product development or are seeking innovation effectively.

C’mon people we can do better than that.

Respondents cited specific challenges to innovation (we call ‘em excuses)

• Predicting future trends (30%)
• Achieving cost containment (27%)
• Securing ongoing budget support (26%)
• Leveraging new technology (26%)
• Transforming new ideas into marketable goods and services (24%)

Macro View

Tuesday, the Standard & Poor’s Case-Shiller home price index posted the biggest gains in seven years as housing prices rose in every one of the 20 cities tracked.  Further, consumer confidence reached a five-year high in May according to a Conference Board report also released on Tuesday, with big improvements in Americans’ views about both the current economy and future economic conditions. It hasn’t hurt that employers have added jobs for 31 straight months.

Conclusion

At the end of the day, the only thing really stifling innovation at most organizations is fear or failure and lack of imagination. That’s why we pioneered the Art & Science of Strategic Stumbling™.

You can’t learn if you don’t fail from time to time. And that’s the main difference between visionaries who build great companies and products and executives who simply build careers. Who would you rather work for (or hire)?

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Tags: Accenture study of innovation Standard & Poor’s Case-Shiller home price index, the invention trap, management by walking around, lifelong learning, Strategic Stumbling

You’ll Never Do Your Best Work Chained to Your Desk

You’ll Never Do Your Best Work Chained to Your Desk
Mobile ad revenue to surge; housing officially rebounding

While the benefits of today’s technology are many, there are some serious health risks for desk-bound professionals, even those of us who exercise diligently every day. Here’s the deal. We spend way too much time sitting and staring at our screens. We’ve got to do a better job of keeping ourselves moving throughout the day, not just during our lunch breaks or time spent jogging or at the gym.

Jack Dennerlein, a professor at Northeastern’s Bouvé College of Health Sciences in Boston suggested in a short New York Times item today that you should do a variation of the 20-20-20 rule used to reduce eyestrain. Take 20 seconds to look at something 20 feet away (instead of at your computer), and repeat this exercise every 20 minutes. Dr. Dennerlein, who specializes in ergonomics and safety, says this eye rule can be applied to movement as well. Every 20 minutes, walk 20 feet away for 20 seconds or more. Stop by a co-worker’s desk. Get a cup of coffee. Pace. Just don’t sit.

Management by walking around


While some of my colleagues think I’m pretty wired or suffering from ADD or a tiny bladder, Management by Walking Around (MBWA) is one of the key tenets we preach to our clients. It not only gives you a badly needed break from the information overload on your screen(s), but it can help you calm down long enough to avoid sending an email or voicemail you’ll later regret. This tactic can also prevent you from turning in an important piece of work before you’ve REALLY checked it over carefully to ensure it’s your best effort. The stretching and blood flow doesn’t hurt either. Best of all, it increases your opportunities for “chance” meetings in the hallway, kitchen, elevator or restroom with hard to schedule superiors or non-confrontational colleagues who’ll do anything to avoid a “face to face” discussion with you.

Can’t I just save time by standing up once in a while? Dr. Dennerlein points out that standing for long periods of time is not good for you either. The key is to vary your work posture throughout the day. “Just keep moving and changing things around,” he said. “I think people should be empowered to make adjustments to see what feels right for them. And one thing that might feel comfortable in the morning might not feel comfortable in the afternoon.”

Here at HB, we’ve found that many professionals do their best work via the “interval” approach. Rather than grinding it out for 8, 10 or 12 hours at a time, some knowledge workers are much more effective with a series of relatively short, but intense bursts of work (say one to two hours at a times), followed short 15 to 30 minute breaks. More on that next week.

Mobile ad revenue surges

A new Gartner report projects worldwide mobile ad revenue will increase 16 percent to $11 billion this year and more than double by 2016. Gartner says its estimates include mobile Web display, in-app display, search and maps, video/mobile TV and messaging.

Macro View

Strong reports on housing starts and jobless claims lifted markets last week. Both the Dow and S&P 500 finished the week at or near their highest levels since December 2007.Jobless claims also fell to a five year low and builders started work on homes in December at the fastest rate since December 2008 according to the Commerce Department Thursday. Economists say housing may no longer be a drag on the economy and residential construction probably contributed to economic growth for THE FIRST TIME SINCE 2005.

Conclusion

While hashing out your plans to leverage your expertise in mobile, don’t forget to take a break from your screen. Walk down the hall rather than firing off a text message to a colleague and you never know who else you’ll run into on your way. It could be just the “chance” meeting that changes your entire week, month or career.

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TAGS: Gartner, mobile ad revenue, housing market, management by walking around, Jack Dennerlein, Northeastern University Bouvé College of Health Sciences