Real innovations require more than R&D | Om Sharma

 

In this 21st century who doesn’t tout the importance of innovation? But many seem stumped by how to achieve it. Why is it so?

It is because in reality, innovation is much more than R&D. Innovation involves Discovery, Incubation, and Acceleration and R&D is just a part of it. You always must remember that to develop a business application, to create a model, or to create a product you have to invest a lot of time and the right resources. So, I would say that there are many paths to innovation. Today in this blog I would like to share a few of them which I have witnessed and adopted in my leadership career.

·       Innovation is never a single event - We tend to think of innovation as a single dazzling flash of insight, but it is a long process that involves the discovery of an idea, the creation of a solution, and finally the change of a product or service. That is nearly never accomplished by a single person. You continuously must work and built on it to reap its results.

·       First, ask the right question - Too often, we treat innovation as a monolith, as if every problem was the same, but that’s not the case. There is no monopoly on creative thought. So how do you go about with your innovation? What you need is a clear framework for making decisions. So, start your innovation by asking the right question. Once you’ve asked those framing questions, you can begin to define a reasonable solution to the problem and move forward with innovation.

·       There is no right size for innovation – I know when you think of innovation, companies like Uber, Airbnb, and Space X comes in your mind. They have transformed the market. Others, such as IBM, Procter & Gamble, and 3M, have managed to stay on top for decades, even while competitors rose to challenge them and then vanished just as swiftly as technology and markets changed. While it is true that small, supple firms can move fast, larger enterprises have the luxury of going slow. They have many loyal clients and a lot of resources. They can look beyond the next big thing and invest for the long haul. There's a tremendous difference between stumbling across the next big thing and continually growing it from generation to generation.

·       Innovate The Core - The 70/20/10 Rule - The premise of the rule is simple. Focus 70% of your resources on improving existing technology (i.e. search), 20% toward adjacent markets (i.e. Gmail, Google Drive, etc.), and 10% on completely new markets (i.e. changes in the healthcare industry).

·       Collaboration is the new competitive advantage - Innovation today goes far beyond research labs, Silicon Valley pitch meetings, and large corporate initiatives. You all have something to offer and can add to the world’s knowledge in a way that may differ in degree, but not in kind, to the giants of the past.   

Innovation isn’t dreaming. Dreaming is when you have ideas, challenges and when you have a clear vision of what you want to achieve. Innovation is more about execution so best of luck on your innovation journey.