Here are six of the qualities most crucial to the long-lasting success of these “model innovators,” per HBR:
- They hone their focus: The most innovative companies focus more on medium- to long-term improvements, leaving more incremental initiatives to colleagues outside the innovation team.
- They collaborate with key internal partners: Leading innovation groups have strong ties to their organizations’ strategy, corporate venture capital and corporate development or mergers and acquisitions teams.
- They staff appropriately: Most innovation teams comprise fewer than 10 employees, but one-third of the most successful ones boast more than 100 members.
- They design incentive systems: “Model innovators” offer employees plenty of reasons to get on board, from awards and recognition to bonuses and funding for their most promising ideas.
- They monitor impact: It’s never too early to begin tracking the return on innovation investment; the most promising innovation teams are those that are constantly tracking data about ongoing projects so they can refine and replace accordingly.
- They move beyond culture clashes: Organizations with top innovation programs are less concerned with office politics and a lack of alignment than they are with hiring and funding, implying a direct connection between organizationwide buy-in and innovation success.
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