Sharing a compelling post and report from Bob Casey and Korn Ferry on Reigniting Growth: How Innovation Can Be a Gamechanger.

There are lots of great points, so I won’t rehash the full report. It is worth reading if you are at all committed to or even just considering building your innovation muscle.

Check out Bob’s post here: https://lnkd.in/gHRxW8_x

Or go directly to the report here: https://lnkd.in/gtKXvShq

I would reinforce 3 key points:
1.      ???????????? ????????????’???? ???????????????? ???????????? ???????????????? ???????????? ???????? ???????????????????????????????????????? – The report makes the case that consumer companies have spent too long in caution-mode and cost cutting. While this works for a while, time’s up. Companies in the consumer space need to get growing again.
2.      ???????????????? ???????????????????????????????????????? ???????? ???? ???????????????????? ???????????????? ???????? ????????????????????????????????????????…???????????????? ???????????????? ???????????????? ???????????????????????????????? ???????????? ???????????????????????????? – Having run businesses, I get the need to cut costs. But don’t stop there. Make sure you reinvest at least some of the savings to pursue both closer-in and bigger bet innovations.
3.      ????????????’???? ???????????????????????? ???????? ???????? ???????????????? ???????? ???????????????? ???????????? ???????????????????????????????????????????????????? – Having written about this recently, AI can be a useful tool, but ultimately, as the report points out, “talent is more important than tech to drive growth.” The big, breakthrough ideas are still going to come from having the right leadership and teams.

???????????? ???????? ???????????? ????????????????????????????? If you are interested in but struggling to drive growth and build your innovation engine, “???????????????? ???????????? ????????????”.

What do I mean by this? Building a high-functioning innovation capability is complicated and takes a number of elements, but fundamentally it is a form of change management. Per John Kotter‘s work, step 1 is “create the sense of urgency.” As a company you need to fully commit to pursuing innovation.

To do this, look at your growth goals. What is the gap between your 5-year goal and how much you can ???????????????????????????????????????????????????? expect to come from business as usual. No Gap? No Problem. I’ve rarely seen that, however. You can only fill the gap with acquisitions or organic innovation. Once you are committed, you are ready to get going, but that’s a topic for another day.

What are you seeing in your organization? Not enough growth? Feeling stuck on hold or in a cost cutting death spiral?