The Innovators Studio with Phil McKinney

Idea Management Is Key To Your Innovation Strategy

Ideas are the currency in the new creative economy therefore you need tools to manage this valuable asset as part of your overall innovation strategy. Idea management is often overlooked as a crucial component in the overall innovation process.

What are the features you need in your idea management system?

Idea capture and tracking

Idea evaluation

Idea collaboration

Track ideas through your innovation process/gates

Ability to pause ideas

Support innovation challenges

 

Note: This podcast also celebrates the seven (7) year anniversary (March 22nd) of the Killer Innovations podcast.  There is a special “ask” at the end of the podcast …

Co-Innovation As A Type Of Innovation

One of the areas that is overlooked by most organizations is the opportunity for a new type of innovation: co-innovation.  Co-Innovation is different from what most organizations call joint R&D, joint ventures (JV) or customer driven innovation.

What is co-innovation?

Co-innovation is where two organizations come together in a 50/50 contribution of resources with the relationship having the following charactersics:

Each party has IP (intellectual property) to contribute

The two parties have an agreed upon area of strong mutual interest

There is agreement on the target (who is the market for the innovation, what is the innovation and how we go about creating and launching the innovation).

Neither of the organizations can deliver the innovation alone thus a mutual dependency.

The partners agree to deliver a real innovation to the market is an aggressive timeline (e.g. 24 months) where the innovation will have real and meaningful impact to both organizations

To lean how to setup co-innovation relationships, the lessons learned from having run +30 of these relationships and the pitfalls to avoid, listen to the podcast.