Viewers: in countries Watching now:
Innovation propels companies forward. It's an unlimited source of new growth and can give businesses a distinct competitive advantage. Learn how to innovate at your own business using Systematic Inventive Thinking, a method based on five techniques that allow you to innovate on demand. In this course, author and business school professor Drew Boyd shares the techniques he's taught Fortune 500 companies to innovate new services and products. Drew provides real-world examples of innovation in practice and suggests places to find your own opportunities to innovate.
In the bonus chapter, Drew shares insights from his own career and answers tough questions on resistance to innovation, innovation and leadership, and the difference between generating vs. executing innovative ideas.
This course qualifies for 3 Category A professional development units (PDUs) through lynda.com, PMI Registered Education Provider #4101.
Let me share with you some of the challenges you might face as you begin to use your new creativity skills. Even though companies want innovation, you should still expect to hit some resistance to your new ideas. After all, innovative ideas, by their very nature, are risky. They're likely to cause some form of change and people are naturally fearful of change. A new, disruptive innovation might be seen as a threat to someone's job or their status in the organization.
People worry that a highly innovative project might steal away some of their resources in terms of budget and manpower. Even the leaders within your company may resist change. They might worry about the riskiness of a project and whether or not it's going to work. No one wants to be responsible for a failed project. Your customers might resist innovative ideas and the change that goes along with it. A new product or service might cause them to have to change their habits.
An innovative product might require special training or customer support. Your innovative idea might cause them to have to do things differently with their customers. So how do you deal with resistance? First of all, don't view resistance as a negative, as something that you have to overcome or defeat. Instead, embrace resistance as a potential benefit to your project. Use that resistance to simulate healthy discussions and constructive feedback.
By challenging your ideas, people are actually helping strengthen them. They're pointing out the negative aspects and the soft spots in your ideas. That's a huge benefit to you because now you know where you need to improve your idea. Without that resistance, you may never have known these issues. The second big challenge you should expect as an innovator, is competition for resources. Companies have to make choices on where to invest resources to create growth. Think of a company as portfolio of potential projects.
A company might invest in a new advertising campaign. Or a new sales program. Or, perhaps, a new technology. Or the company might invest in your idea. One thing's for sure. There's never enough money to go around for everyone's project. So what can you do to earn your share of the budget? You need to understand that managers invest in projects the same way investors buy stocks in the stock market. They look at the track record of the people involved in the project and whether they've been successful in the past.
But even more importantly, they look at the future potential of a project. What will this project produce today and what is the pipeline of innovative ideas right behind the project to keep the machine moving? Those teams or individuals that have a track record of success and the healthiest pipeline of new concepts are going to get the most money. What that means for you, in practice, is that you have to innovate continuously.
Don't put all your chips just on today's project. You need to spend some of your time and resources generating new concepts, even if those concepts might be years away from getting investment dollars. As you generate new ideas, you also need to make people aware of them. Create visual images of your new concepts or build small prototypes. That helps bring your ideas to life. It gives you a way to show off your pipeline and the long term potential of your business unit.
Being an innovator is one of the most rewarding aspects of any job in any career field. And always remember, the world leaders in innovation and creativity will also be the world leaders in everything else.
There are currently no FAQs about Business Innovation Fundamentals.
Access exercise files from a button right under the course name.
Search within course videos and transcripts, and jump right to the results.
Remove icons showing you already watched videos if you want to start over.
Make the video wide, narrow, full-screen, or pop the player out of the page into its own window.
Click on text in the transcript to jump to that spot in the video. As the video plays, the relevant spot in the transcript will be highlighted.