09 Sep Innovation- Is it a numbers game?
Two things you can do to continuously innovate
Overwhelming number of good ideas fail at the initial evaluation stage itself. Does your organisation have high failure tolerance index? Even if you do have, isn’t emotionally draining over a period of time?
So how do then organisations cut through the noise and preserve promising ideas?
Typically innovation continues to be top down approach in many organisations. Organisations often make big bets and try to protect it from failures as it would make the leaders look bad.
1)Exponential organisations make multiple small bets, experiment iteratively, learn fast & pivot faster. The experiment costs are considered as investments
2)Exponential organisations hive of the innovation unit as separate entity to protect from any turf wars
Google Ventures has been spun of separate entity, away from the mothership, to make quick investment decisions
They have designed 5 days sprint for answering critical business questions through design, prototyping, and testing ideas with customers. They have funded over 500 portfolio companies with $4.5 billions
Lately Flipkart has launched Startup Accelerator – Flipkart Leap, to help new and upcoming startups.