Building a Thriving Innovation System with the Right Tools and Platform

In today’s fast-paced business world, innovation isn’t just a nice-to-have; it’s a must-have. But to truly foster innovation, organizations need more than just good ideas—they need the right tools and platforms to turn those ideas into reality. In our latest podcast episode, we explore how the Next Platform enables sustainable capital building by empowering more people to innovate effectively. Let’s dive into the insights shared by Greg and discover how you can build a thriving innovation system.

The Foundation: People, Process, and Platform

Before we get into the nitty-gritty, let’s revisit the basics. An effective innovation system stands on three pillars: People, Process, and Platform. While many organizations focus heavily on people and process, the platform often gets overlooked. Yet, it’s the platform that underpins everything, ensuring that people and processes work seamlessly together.

The Importance of a Solid Platform

Greg emphasized that the platform is foundational. It aligns an organization’s vision, purpose, values, and goals, creating a belief system that drives behavior. Think of it as the bedrock upon which your innovation house is built. Without a solid platform, even the best ideas can falter.

Case Study: The Tale of Two Companies

The Bad Example: A Multinational Bank

In his book, How to Conquer the Status Quo and Do Work That Matters, Greg recounts a visit to a well-known multinational bank. The lobby boasted massive screens proclaiming, “Nurturing a culture of innovation.” Yet, when he met with the innovation leaders, they had no idea what the screens displayed daily. Their version of innovation was maintaining regulatory barriers to keep new entrants out—a clear case of lip service without substance. This bank had all the appearances of innovation but lacked the foundational platform to support it.

The Good Example: Dyson

On the flip side, let’s look at Dyson, a company synonymous with innovation. Dyson invests £7 million a week in R&D, constantly pushing the boundaries of what’s possible. They revolutionize everyday products, from vacuum cleaners to hair dryers, by asking, “What can we do better?” Their commitment to innovation is built into their platform, which includes robust data and knowledge management systems, clear frameworks like the Super Seven Criteria, and an environment that encourages experimentation.

Key Elements of an Innovation Platform

So, what makes an effective innovation platform? Here are the key elements:

1. Vision and Purpose: Align your vision and purpose with a commitment to innovation. Make sure everyone in the organization understands and buys into this vision.

2. Values and Rituals: Foster values that celebrate creativity, curiosity, and learning from failure. Create rituals that reinforce these values.

3. Data and Knowledge Management: Collect and share knowledge widely across the organization. Ensure that insights from experiments and projects are accessible to all.

4. Frameworks: Establish clear frameworks to guide innovation efforts. The Super Seven Criteria, for example, help teams evaluate whether a project aligns with strategic goals and is worth pursuing.

5. Tools and Technologies: Provide the necessary tools to support innovation. This includes software for tracking projects, tools for prototyping, and platforms for collaboration.

6. Environment: Create spaces that encourage serendipitous interactions and experimentation. Think of Pixar’s headquarters, designed to foster creative collisions.

Business Case: Building Momentum

Consider the work of Building Momentum, an organization founded by ex-military personnel that teaches leadership and team building through making. They’ve created an environment equipped for welding, wood fabrication, robotics, and drone building. This setup allows participants to fully engage in the process of innovation, using the right tools in a conducive environment. It’s a perfect example of how the right platform can empower people to innovate.

Conclusion

Building a thriving innovation system requires more than just a corporate value statement or a list of innovation opportunities. It demands a robust platform that aligns vision and purpose, fosters the right values, manages knowledge effectively, and provides the necessary tools and environment for innovation to flourish.

Reflect on your organization’s platform. Are you providing the foundation your people need to innovate effectively? Are you equipping them with the right tools and creating an environment that encourages experimentation and collaboration? If not, it’s time to rethink and rebuild your platform.