Lessons From Starting an Innovation Lab
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The document outlines 6 lessons learned from creating a corporate innovation lab. The lessons are: 1) Ensure senior management buy-in and define success metrics upfront. 2) Create an intake process to evaluate ideas from internal and external sources. 3) Establish a vetting and prioritization process involving representatives from across the business. 4) Conduct pilots to quickly determine if ideas succeed or fail in practice. 5) Integrate successful solutions from pilots into regular business operations. 6) Communicate and market the innovation lab internally and externally to generate support and demonstrate impact.
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Lessons From Starting an Innovation Lab
- 2. September 19–21, 2016 | Bellagio | Las Vegas, NV THIS IS A BRICK AND MORTAR BUSINESS, SO WHY INNOVATE? Average lifetime for S&P 500 company 60yrs>15yrs in 2014 Too many ideas/products/ services applied slowly & inefficiently (tech moves fast) No formal way to capture best practices, great ideas, conduct group learning & experimentation Defensive & offensive strategy (protect against revenue drains, take advantage of revenue generation opportunities)
- 3. September 19–21, 2016 | Bellagio | Las Vegas, NV 6 LESSONS LEARNED FROM CREATING A CORPORATE INNOVATION LAB LESSON 1 LESSON 2 LESSON 3 LESSON 4 LESSON 5 LESSON 6 Scope & Buy-In Create In-take Process & Sell It! Vetting/ Prioritizing Pilot – Succeed Fast/Fail Fast Integrate Successful Solutions into BAU Communicate, Market, Brand & Sell
- 4. September 19–21, 2016 | Bellagio | Las Vegas, NV LESSON 1 – SCOPE AND BUY-IN LESSON 1 Scope & Buy-In Budget Allocated - consider this a write off Is Senior Management bought in? How will success be measured?
- 5. September 19–21, 2016 | Bellagio | Las Vegas, NV LESSON 2 – CREATE IN-TAKE PROCESS LESSON 2 Create In-take Process & Sell It! Incubator vs. Accelerator vs. Venture Fund Good Ideas Come to you First – Real Lync, Mobile Doorman Find a Strategic Partner
- 6. September 19–21, 2016 | Bellagio | Las Vegas, NV ELMSPRING 2016 COHORT
- 7. September 19–21, 2016 | Bellagio | Las Vegas, NV LESSON 2 CONT'D – CREATE IN-TAKE PROCESS LESSON 2 Create In-take Process & Sell It! Start with Email Intake – Just Get Going 6 Months In – Morphed to a Web-Based Intake Program Challenge Questions to Generate Thought Process
- 8. September 19–21, 2016 | Bellagio | Las Vegas, NV LESSON 3 – VETTING/PRIORITIZING LESSON 3 Vetting/ Prioritizing Creation of Waterton Innovation Council ‒ Representatives from all areas of the business ‒ Make-up is relative to the demographics of our residents Assist with Vetting/Prioritizing of Ideas Innovation Champions
- 9. September 19–21, 2016 | Bellagio | Las Vegas, NV LESSON 4 – PILOT – SUCCEED FAST/FAIL FAST LESSON 4 Pilot – Succeed Fast/Fail Fast Active Give & Take with Pilot Property Do not Become Emotionally Invested in an Idea Recognize Quickly if this Idea/Solution will Fly (or Not) Pilots Handled Outside the PMO
- 10. September 19–21, 2016 | Bellagio | Las Vegas, NV LESSON 5 – INTEGRATE SUCCESSFUL SOLUTIONS INTO BU LESSON 5 Integrate Successful Solutions into BAU Move to PMO for any further installations/roll-out Once Pilot is successful – Migrate it out of the Innovation Lab
- 11. September 19–21, 2016 | Bellagio | Las Vegas, NV LESSON 6 – COMMUNICATE, MARKET & SELL THE INNOVATION LAB! LESSON 6 Communicate, Market & Sell If you are not talking about it, BAU will consume all the oxygen in the room Be Passionate – This is the cool part of our job! If you are not talking about it, people will question its funding If you are not talking about, its not happening
- 12. September 19–21, 2016 | Bellagio | Las Vegas, NV Director, Applied Innovation eric.potter@waterton.com linkedin.com/in/ericpotter1 Eric Potter
Notas do Editor
- Jim Basile of RIM – I never look up or down, left or right. Just keep moving forward. Lots of M&A in our industry Moore’s law
- What tools, processes, products will you focus on How should ideas that are already in play be handled Budget – How much to lab and how much to creating minimum viable products Don’t measure activity measure business impact – innovation is a tool, not an end state What's more important development or fast paced learning Don’t kill ideas because you already know everything
- - Don’t start at incubator - De-risking by having Harrison St. and Elmdale partners on board
- Diversified offerings allow you to think outside of the box and see new things from new angles
- Don’t get too stuck on tools – More important to just start E-zassi, Zoom, Digital Ocean, Slack, Unbounce
- Talk about innovation council Only volunteers - Have to be disciplined in which ideas you are going to follow i.e. if you stated increasing revenue is your focus an expense cutting idea shouldn’t make it
- don’t let things get sucked into normal operations – this is why executive buy in is important Get used to MVP and spread that culture Get used to prototyping and have a property or 3 you partner with – strong CM, right demographic mix etc.
- Things can stay in innovation lab for the short term, but belong in PMO and then BAU Clearly establish a process for this.
- Talk about this in terms of dollars and cents. Brand this so it is a cultural social change, not just the new change management flavor of the day You have to start somewhere to get going, but the goal is to create things executive teams can’t unsee, unhear, unfeel – big projects