I was given a very interesting article from my colleague which I agree a 100%. The article is by Joyce Oomen called Build your innovation ecosystem with innovation portfolio management.This article has properly summed up my idea of what I think about the current Start Up World. In the article Joyce has explored 5 principles on how to build innovation ecosystems. However, the core of this article has been innovation should not be seen as any other business like the ones currently in the market.
Innovation is a very new business
Although, innovation is not new concept, it is in the last 2 decades where ‘innovation’, ‘accelerator’, ‘start-ups’ and other such terminologies are being used (or rather being plastered all over the place). These words are losing its meaning and its worth. It has now become ‘cool’ to own a start-up even if leading tech magazines are claiming that 90% of start-ups fail...
Why are the numbers so high? One reason (and not limited to) could be the CEO/ investors/angels are hungry for a money-making business, but the innovator is not able to reach its timeline. There is a gap between what the upper manager wants versus what the engineers/developers or innovators are able to produce.
Several people have seen the fame and money that have brought to start-ups in the last decade and it is understandable why many are flocking towards it as well. This world shows beautiful colorful offices with ping pong tables and odd looking chairs, mac book pros and free lunches and dinners. Why wouldn’t people want to flock towards this lifestyle? What these people don’t understand is how an innovative project should really be fostered. The same way a baby doesn’t become a working adult overnight, innovation isn’t going to happen in 6 months either.
Time, effort and a lot of patience
Joyce has pointed out several times as to how innovation should not be limited and be given the same rigid framework as other well-defined businesses. ‘Innovation accounting: use the right metrics for innovation’, ‘based on the type of innovation you pursue, a different mindset and different metrics need to be applicable’ and ‘All too often, high level strategic goals are formulated (eg x% more profit, x% cost reduction, become market leader) but they are too generic to guide innovation.’ These are all good points that she has made in her article.
Time, effort and a lot of patience is how innovation really happens. Using the right strategies are the fertilizer to your project and the right people governing this project are the gardeners. Tolpagorni is holding conference on the 23 November 2017 that speaks about this same issue and how to create a successful business using collaboration and ecosystem strategies. '
Start treating your product and business right by understanding what your product really needs to flourish in the current environment. Meet other people and see how collaboration will be able to give you the edge which you would not have gotten alone!