Have you ever wondered how someone becomes a Chief Innovation Officer? More importantly, “How can I become one?”
Chief Innovation Officer is the hottest new career track that is quickly making its way into the mainstream business lexicon. CEOs across all industries rank innovation among the top three business priorities and consider innovation critical for future success. The most notable change in recent years, however, is the growing interest in innovation in the service industries, as well as in public welfare entities, including government and non-profit organizations. Globalization is pressuring all businesses to innovate their products and services on an ongoing basis.
The heightened interest in continuous innovation has created a growing demand for innovation champions. Ironically, these professionals are in high demand and short supply. If your company does not already have an innovation program and an innovation leader, consider yourself lucky. You have the opportunity of a lifetime to exploit. In this article, I will share how you can position yourself to become the future Chief Innovation Officer by creating and leading an innovation program.
The best career advice I ever received was “If you want to become a leader, start acting like one today.” Continue reading
Starbucks is in the news again. It is already known for many of its great employee benefits, but this one struck a chord with the media—Starbucks is paying the tuition for its employees’ college educations. This program is wonderful, and it benefits the company at multiple levels. First, it keeps employees with the company for the time they are finishing their degrees. Second, it creates stronger employee loyalty and pride for the company, which increases retention and attracts new talent. Third, education prepares Starbucks employees to take on new roles and increases their potential to do more. Fourth, and perhaps most important, it improves customer service. Starbucks is in the hospitality business. It relies on its employees to deliver its services and the repeat business Starbucks enjoys hinges on the quality of service its employees deliver. This program is an excellent stride to ensuring that Starbucks employees are engaged and deliver excellent service. If you are in a service industry, you should also consider a similar program. BUT…what if you don’t have money to fund college education for your employees?
Not every company is fortunate to have the amount of capital required to fund such employee development programs. If you are such a company, please don’t be discouraged. The most profound discovery Continue reading
Idea Capturing and Management Systems play an important role in the success of an innovation program. In my book The Bright Idea Box and in public, I speak about creating a bottom-up innovation program, in which employees submit ideas that benefit the business and customers, and the number one question I get in response is: “Which software program or tool do you recommend?” The concept of capturing employee ideas is not entirely new, and the demand for such solutions is growing by the day. Innovation speakers, myself included, and industry experts are fueling the demand for such solutions. Many smart entrepreneurs have realized the potential of this and have already developed solutions to serve this market.
In 2012, when I was looking for such a solution, I found more than fifty software solutions, with a very wide range of capabilities—some were very mature, some promising up-and-coming solutions, and some very primitive products. I’ve looked at most of them and reviewed the list of features and functionalities for all of them. My evaluation criteria is based on some of the key features and functionalities I listed in The Bright Idea Box, so I will not go into the details of these features and functionalities, but I cannot help myself to repeat that the tool must appeal to employees. The design of the tool must encourage employees to visit the site and want to submit ideas. You may have your own organizational needs, but do not forget that the most overriding need is for “new ideas.” Do not select tools based on your needs, but rather on how they will entice employees to submit new ideas.
Here’s a list of the Top Ten Vendors that, in my opinion, offer quality enterprise grade solutions. I revised this list in April 2014. Disclaimer: I have no affiliations with any of these vendors. I have opinions about these solutions, and this list is based on the work I did to narrow down the list of quality vendors.
Top Innovation Management Solutions (Alphabetical):
- Brain Bank www.brainbankinc.com
- Bright Idea www.brightidea.com
- Coras Works www.corasworks.net
- Hype www.hypeinnovation.com
- ID8 Systems www.id8systems.com
- Imaginatik www.imaginatik.com
- Induct www.inductsoftware.com
- Innovation Cast www.innovationcast.com
- Kindling www.kindlingapp.com
- Nosco www.nos.co
- Qmarkets www.qmarkets.net
- Spigit www.spigit.com
If you have any questions or want more detailed review of any of these products, feel free to drop me a line at Jag@IdeaEmployee.com
If you want to go fast, go alone. If you want to go far, go with others – African proverb
Ok I admit it, the title is misleading. It should read: “if you want to be innovative, stop hiring employees and start hiring partners.”
All those who manage a budget for a department or company, know that the employees are the most expensive line item in their budget. What’s not known is how effective and efficient is that most expensive line item. A recent Gallup poll reported employee engagement at an all-time low. Since 2009, employee engagement has hovered around 30%. In these competitive times where businesses are looking for 1-2% competitive advantage, 30% employee engagement is like having a sinkhole in the backyard. When customers interact with disengaged employees, no amount of strategy or sophistication will help sustain the business.
Steve Jobs turned around two dying companies from near bankruptcy to today’s most valued companies. His secret: believe in employees and engage them on a higher level. Even after his death, Apple still echoes his message: Continue reading
Creativity is about thinking new things. Innovation is about doing new things – Theodore Levitt.
Innovation is combining new and existing ideas to create something new that adds value to the marketplace. It could emerge as a new product or selling the existing products new ways.
Most people associate Innovation with Invention. While the two are related, you don’t have to invent something to be innovative. This association paralyzes many individuals and companies, who never set foot on the road to become innovative. People are often looking for that “aha moment”, the “genius idea”, or that “clever product” that will captivate the market. In the process, they ignore the importance of adding value to existing products and service. Take Toyota for example. Toyota is recognized among the top most innovative companies, but Toyota did not invent the car. Similarly, Netflix did not invent the DVD rental business, but changed the way we rent and watch movies. Starbucks did not invent the café, but revived the coffee industry. All of these companies changed their respective industries without inventing the core product.
I greatly admire Jonah Lehrer for his empirical approach to exploring the subjects he write about, and binding copious scientific publications to prove his point. I must admit that I am biased to his writing style since I am a Neuroscience junky myself. I recently read his book Imagine: How Creativity Works, which explores how moments of insights happen, as he calls it “the eureka moments”, and we find solutions to our most daunting problems. This book was a big help to me in launching the Open Innovation Program at my company. Here’s a clip of Jonah Lehrer talking about his book Imagine:
“I am stuck in my career”
“My boss does not appreciate my work”
“Why did that person get the promotion and not me?”
Have you ever had these feelings? I did. And millions others feel that way every day. Psychologists consider it to be the leading factor of anxiety and stress at modern workplace.
I struggled with these emotions at different stages of my career, and found my answers the hard way. I wish someone had mentored me when I was struggling with these emotions. I wish I knew what I am about to share with you now. I made my journey from an assembly line employee to Vice President of an established company. The process took me about 15 years and taught me a lot of valuable life lessons. Even though this article is driven by a research study, it reflects my thoughts and learning from my own career journey. My intent is to help you figure out what you should be doing so that you are not at the mercy of your boss, but rather your boss is having to figure out ways to keep you engaged. Continue reading
Do what you can, with what you have, where you are. – Theodore Roosevelt.
Innovation is on everyone’s mind today. A recent survey conducted by IBM, comprising of more than 1500 CEOs, ranked innovation as the top priority and a requirement for future growth. Organizations are realizing that to survive in today’s market and to attract information rich customers, they must innovate continuously. Companies like Apple and Google have set a new standard for innovation. Their approach to innovation has not only changed the Tech industry, but also the consumer expectation, which is forcing virtually every industry to change. We have also seen many giants like Blockbuster, Borders, United Airlines disappear as they failed to innovate and adapt to changing environment.
My quest started from similar need to determine what customers want and how to grow the company. I am blessed to live in Silicon Valley, and was able to tap into local resources to figure out what made companies like Apple, Google, SalesForce.com and Facebook so successful, but my challenge was how do I apply their principles to service industry where there is no physical product that you can hold, touch or see. I am in insurance industry and we sell a promise. How do you innovate a promise?
It’s often the employees—rather than outside consultants—who know a company’s products and processes best. According to management experts, many of the most innovative companies tend to solicit ideas from staff throughout the organization, not just the executive ranks (Wall Street Journal, 2011). Continue reading
Imagine a scene: A village in a third world country, a group of boys playing soccer in a dusty patch of ground. A small skinny boy, bare feet, bruised knees, covered in dust, is guarding the goals and looking at his team mates chasing the ball; and dreaming of success.
Pause for a minute and think of what this boy is dreaming.
Another scene: In the heart of Silicon Valley, a beautiful corner executive office with ceiling high windows and a nice view. The occupant is looking out the window, gauging at neighboring office buildings; and dreaming of success.
Pause for a minute and think of what this man is dreaming.
What do they have in common? What are they dreaming?
All human beings have an innate desire to be unique and admired by others. The drive to be successful is one of the many aspirations fueled by this desire. Continue reading
Some nuggets of wisdom I learned in my leadership quest, that shaped my life and helped me not only become a better leader but also a better person:
- If you want to go fast, go alone; if you want to go far, go with team
- Right people, in the right seat – Jim Collins
- A leader’s success depends on the success of his or her followers
- Do your best, not more, not less – Zen philosophy
- Intrinsic motivation is the key to bringing the best out of everyone
- Communication, particularly information sharing, is the basic building block of trust
- Your presence sends a vibe, which either attracts or repels others
- Focus on being helpful, than being right
- Employee engagement factors: Autonomy, Complexity, and Gratification – Daniel Pink
- Communication: Hint is hardest to decode and easiest to refuse. It is speaker’s responsiblity to speak clearly and unambiguously to communicate ideas
- Listening: Encourage others to talk about themselves
- You cannot teach a man anything; you can only help him to discover it himself – Galileo
- Make suggestions and let others reach their own conclusions – Dale Carnegie
- If you cannot explain it to your grandmother, you don’t really know it – Einstein