For Larry Keely (10 Types of Innovation), innovation demands discipline and must go beyond products to include various types.

Innovation is the creation of a viable new offering, not just an invention, and must generate value. It involves the systematic identification and resolution of significant problems. Innovations can be simple or complex, and companies need both.

It enables differentiation and brings value to the market, unlike a simple improvement. Innovations have an expiration date.

Here are 10 perspectives to consider to unlock your innovation potential, based on our client engagements:

1. It is possible to innovate on several axes: products, services, business model, and economic model. Consider different perspectives for value development.

2. There is a direct link between innovation and strategy: the customer.

3. The Blue Ocean Strategy presents various tools for creating and rethinking customer value. Dare to put them to the test.

4. Day-to-day activities will always limit your ability to explore new sources of growth. Organize your resources and activities accordingly. Make room for this strategic exploration.

5. The leadership team is responsible for the innovation portfolio. This contains various exploratory and improvement projects. Think in terms of the number of initiatives, progress, learning, skills, and impacts on organizational success.

6. Curiosity and empathy are your best assets. They are essential for your ability to listen and understand customer jobs, pains and gains.

7. Never forget to evaluate the economic potential early. An innovation is not an invention. It must be desirable, feasible, and above all, viable.

8. Beware of emotions and the inclination to become attached to projects under evaluation. Never forget that the value to be created is for the customer first and foremost.

9. De-risk your initiatives. Pilot a clear process that allows for deeper experimentation as evidence and hypothesis validations accumulate.

10. Always question the value. Observe sources of friction, behaviors, and speed of execution. Target projects that strengthen your strategic choices and make your offering unique.

Bonus: Learn from other industries. Be attentive and observe how others innovate. Explore how to disrupt the status quo.

Not innovating puts your organization at risk of a slow death.

So, how is your innovation capability doing?

Have a good week,

Eric L'Heureux

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