Innovation ecosystems start at home

wazoku News

The key to building a well-functioning innovation ecosystem, is, as with building anything, having a solid foundation.

By definition, this is where you are looking to have all the relevant parties you need involved end to end from need identification to commercial marketplace, so it’s no surprise the keys to a strong foundation are a clear understanding of your reason to innovate and having the right people involved. Having the right reasons and the right people sounds simple enough, yes? So why do so many struggle to get it right?

I recently went to an event in Boston on Collaborative Innovation which looked to address connecting the internal with external to overhaul organisations’ innovation strategies and was surprised at the lack of focus on the workforce within the organisation. The attention was squarely on external innovation and accelerators.

External innovation and accelerators are common approaches to building out an innovation ecosystem without looking to fathom the internal ecosystem first. Or, they are too often used as a substitute for failed attempts to innovate internally and/or a sticking plaster for the lack of a comprehensive innovation strategy. Companies long to be able to call themselves innovative and if this is not working well within the guts of the business they go external. Usually this is where there is an inability to align internal innovation to BAU – the business is just too stuck in its ways to do things differently that the innovation has to happen separately.

Read the full article at The Future Shapers