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According to Steve Wunker, leaders who invest in systems with clearly defined metrics, timeframes, and guardrails have the best chance of fostering truly innovative organizations.
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"As a result of our fascination with the latest and the greatest, the word 'innovation' is often used as a synonym for technological advancement, bringing with it imagination-capturing glory—as well as its less savory reputation for being expensive and fickle. But that's just one dimension of innovation. In our combined decades of experience working in this field, we've seen that there are many ways to innovate that don't take as much time, or require as much money and investment, as a moonshot initiative. And they're less overwhelming to get started with, to boot.
Innovation doesn't always have to be more—more flavors, more horsepower, more memory space, more bells and whistles. In some cases, customers don't want more. They just want us to do the job they've hired us to do, and for us to do it very, very well. New solutions can excel in their simplicity, earning customer love and saving money along the way—and, yes, that is just as deserving of being called 'innovative' as a new blockchain game or genetic therapy."
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"How do you capture a new market? There's a lot of traditional business strategy you need to throw out the window. New markets are too poorly understood and change too quickly for the standard approaches of graphing trend lines and computing market share. Here are 10 approaches that work—for businesses and the people within them—when the market is fuzzy and in flux ... "
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