Resuming our Best of Killer Innovation series, we look at key ingredients to build innovation success for organizations.

Innovation is about translating ideas into products, services, and solutions. Ideas without execution are a hobby.  Is your organization in the business of Innovation? This episode boils it down to a simple equation. Ideas + Innovation Culture = Innovation Success.  The process starts with ideas and the management of them.  But ideas won't develop and thrive without the right culture.  Core Attributes are about setting the basis for Innovation Culture.  When you set up a good system of gathering ideas and lay a foundation for an innovation culture, innovation success ensues.

The process starts with ideas coming from many sources.  Then comes the question of how to manage your ideas.  How do you log, track and rank them?  Where are your ideas today in the innovation lifecycle?  What about all the brainstorming sessions over the last few years… could you quickly put your hand on the list of those ideas?  Ideas have value over time.

If you believe ideas are the economy's currency, you need to manage ideas as a valued asset for innovation success.  Treat ideas as valuable asset.

What's needed in an idea management system?

Without a system or tool, you are lost

Don't restrict access to the tool

Promote your tool

Close the loop with the idea submitters

Think about applying some form of gamification

When I took over a new role as CEO, I set out a hundred-day plan looking at the organization and figuring out what made it tick.  I spent a significant amount of time doing one on one interviews with all the key stakeholders.  I asked them four questions:

Ninety-five percent of employees feared that the new CEO would not change anything.  They understood that some things needed to be changed for the company to flourish.  I realized that I had to build the core attributes from scratch. So, how do you do that?  The key is to help everyone understand why core attributes are so important.  What is it the team wants the organization to become?  Core attributes articulate what you stand for.  The ones we came up with are:

Once you have captured this, you are ready to start the process.  Having the list is the beginning of the process. The senior executives must own this; the senior executives must always control this. We must manage the process to get everyone on board with the innovation culture.  It communicates the process and displays the core attributes.  Instead of telling people these are the core attributes, we published them and invited people to come in as part of group sessions.

We collected a list of core attributes employees liked and helped brainstorm recommendations for the executive team about how we could live it.  We have included core attributes in our performance management.  Employees are assessed on those core attributes at the end of the year.  The impact on the organization was beyond anything I expected.  It is not a static and never-ending process but develops a practical framework for an innovation culture that drives success.

To learn more about the ingredients for innovation success, listen to this week's show: The Best of Killer Innovations: Key Ingredients for Innovation Success.