How do you evaluate and select the most promising innovation opportunities?

To define innovation goals: •⁠ ⁠Clarify strategic objectives and challenges •⁠ ⁠Identify customer needs and pain points •⁠ ⁠Analyze market trends and opportunities •⁠ ⁠Set SMART (specific, measurable, achievable, relevant, time-bound) goals •⁠ ⁠Engage stakeholders to align efforts Clearly defining goals aligns innovation with your mission and focuses efforts on high-impact areas.

Align your innovation criteria with your strategic goals to ensure that every idea selected and prioritized contributes directly to your main objectives. It's crucial to invest resources and efforts wisely in innovation. Also, regularly revisit and adjust these criteria based on new insights or validation results, maintaining relevance and effectiveness.

Un reto de innovación prometedor dependerá de los objetivos y estado de madurez digital y de innovación de cada compañía. Muchas veces excelentes retos son inviables por temas que preceden tecnológicos etc. Mi recomendación es tener un portafolio de innovación valorado en impacto y esfuerzo de tal manera que sepamos exactamente cómo navegar el hoy y cómo sembramos el mañana. No caer en portafolios tradicionales, al contrario experimentar y hacerle ver a los equipos que si podemos trabajar de manera ambidiestra.

Vision and purpose are essential for organizations as they provide direction and meaning. A clear vision sets the course for growth and success, inspiring employees and aligning their efforts. Purpose defines the organization's reason for being and its value to stakeholders. With a strong vision and purpose, organizations can prioritize innovation, make informed decisions, and navigate challenges. It fosters a culture of continuous improvement and guides the organization towards its goals.

In my experience, clarity about what we're aiming to achieve with innovation sets the stage for everything that follows. We start by aligning on our broader business objectives and then drill down to specific innovation goals. Whether it’s enhancing customer experience, entering new markets, or improving product features, having these goals well-defined guides our efforts and ensures that the innovation process is aligned with our strategic vision. This step is foundational, providing a clear direction for our innovation efforts.

To generate a portfolio of ideas: •⁠ ⁠Use brainstorming sessions to encourage creative thinking. •⁠ ⁠Gather customer feedback to identify needs and preferences. •⁠ ⁠Conduct market research and competitor analysis for insights. •⁠ ⁠Explore technology scouting for innovative solutions. •⁠ ⁠Focus on quantity and variety; avoid filtering or judging ideas initially. •⁠ ⁠Utilize tools like mind maps, sticky notes, or idea boards to capture and organize ideas. Creating a diverse portfolio of ideas will help you identify potential solutions that align with your innovation goals.

Más que un portafolio de ideas generaría un portafolio de retos o brechas de competitividad. (Estos nos darían los espacios H1 para ejecutar proyectos) ¿Por qué? Tener ideas es facil, tener ideas correctas para problemas correctos es dificil. Posteriormente identificaría áreas de oportunidad de la empresa para los proyectos H2 y H3 con preguntas como ¿Qué productos y servicios adyacentes podríamos ofrecerle a nuestros clientes actuales? ¿Qué otros mercados tienes problemas similares a nuestros clientes actuales? Primero el reto u oportunidad, después la idea. Para tener ideas pon el siguiente Prompt en ChatGPT Actua como un experto en (área de conocimiento), tu misión es generar 10 ideas innovadoras, creativas y revelantes en una tabla

How this is done depends on time available, aims, audience etc. On one extreme, finding yourself with everyone in one place might mean round-robin style ideation, mass post-it exercises or something equally competitive. On the other extreme, engaging a diverse and remote set of contributors lends itself to a time-capped ideas campaign on a specific topic, with plenty of comms from senior stakeholders acting as sponsors and champions as idea coaches.

Generating a diverse and abundant portfolio of ideas is crucial for organizations seeking innovation. It is important because it allows for exploration and discovery of potential solutions that can meet innovation goals. By using various methods and sources, organizations can tap into different perspectives, insights, and opportunities. This approach encourages creativity, fosters a culture of innovation, and increases the chances of finding unique and valuable ideas. It also helps in identifying emerging trends, customer needs, and market gaps. Overall, having a robust idea generation process empowers organizations to stay competitive, adapt to changing environments, and drive continuous improvement.

Generate ideas across all innovation horizons. This approach ensures relevance in the short, mid, and long term. Whenever possible, create connections between Horizon 1, 2, and 3 ideas. This strategy establishes a clear link and a future path between your ideas and potential actions.

To screen and prioritize your ideas: •⁠ ⁠Evaluate each idea based on feasibility (technical and operational), desirability (customer and market attractiveness), and viability (financial and strategic). •⁠ ⁠Use tools like scoring matrices, criteria checklists, or decision trees for evaluation. •⁠ ⁠Conduct SWOT analysis, PESTEL analysis, or Porter's Five Forces to assess external factors impacting your ideas. Prioritizing ideas based on these criteria helps you focus on the most promising solutions that align with your innovation goals.

Screening and prioritizing ideas based on feasibility, desirability, and viability is crucial for successful innovation. It helps organizations identify ideas that align with their objectives and have the highest potential for success. By assessing feasibility, organizations determine if ideas can be implemented effectively. Evaluating desirability ensures ideas meet customer needs and market trends. Viability assessment ensures ideas are financially sustainable and strategically aligned. By using tools and frameworks, organizations make informed decisions, allocate resources effectively, and minimize risks. This process enhances focus on ideas with the greatest potential for value and innovation.

While validating and learning, regularly evaluate progress against your innovation criteria and design principles, ensuring you prioritize the most promising ideas, pivot when necessary, or cancel them when required.

I employ a set of criteria linked to our innovation goals, market potential, feasibility, and alignment with our values to evaluate each idea. Tools like decision matrices and scoring models help us objectively assess and prioritize ideas, focusing our resources on the ones with the highest potential for impact.

To validate and test your ideas: •⁠ ⁠Use prototypes, experiments, or minimum viable products (MVPs) to test assumptions and gather feedback from real customers and stakeholders. •⁠ ⁠Utilize tools like lean canvas, business model canvas, or value proposition canvas to refine your value proposition and business model. •⁠ ⁠Apply customer journey maps, personas, or empathy maps to design and understand the customer experience.

Testing is critical because it allows organizations to gather real-world feedback and data on their ideas. By validating and testing ideas with real customers and stakeholders, organizations can assess their viability and potential before committing significant resources. Testing helps identify flaws and areas for improvement, enabling organizations to iterate and make necessary adjustments. It also provides valuable insights into customer preferences and needs, ensuring that ideas are tailored to meet customer expectations. By reducing the risk of launching unsuccessful products or services, testing allows organizations to make informed decisions and increase the likelihood of success.

The Lean Startup method is my cornerstone in developing a Minimal Viable Product (MVP). It's essential that the MVP solves a specific problem or delivers significant value to persuade customers to pay for it. I advocate for creativity in the solution validation process. A great example comes from the Lean Startup book, where the founders of 'Food on the Table' started by manually creating personalized meal plans and shopping lists before transitioning to an automated service. This strategy effectively validated their concept and gathered customer feedback swiftly, proving the market's willingness to pay. It underscores the strategy of starting modestly, focusing on customer needs, and methodically scaling based on solid evidence of value.

I use a combination of market research, customer interviews, and prototype testing to validate assumptions and gauge market interest. Tools like surveys and A/B testing platforms are instrumental in this phase, allowing us to collect data and insights directly from our target audience. This step is crucial for ensuring that our selected ideas have a genuine potential to meet customer needs and succeed in the market.

Beyond the structured process of evaluating and selecting innovation opportunities, fostering a culture that supports rapid experimentation and learning from failures is vital. Encouraging teams to take calculated risks and not fear failure helps in uncovering unexpected opportunities and learning valuable lessons that can lead to significant breakthroughs. Additionally, staying attuned to industry trends and customer feedback can provide ongoing inspiration and direction for innovation efforts, ensuring that our strategies remain relevant and impactful.