We’ve put together 10 innovation initiatives to take look at.
1. External Startup Accelerator. An external startup accelerator is a company initiative to support, grow and evaluate external startups over a defined period of time (say 3-12 months). The aim here is to garner ideas and technologies that may fit into your innovation portfolio over time.
2. Internal Corporate Accelerator. An innovation accelerator is an internal program to free up time for intrapreneurs (those highlighted internal entrepreneurs) to develop, test and grow new business ideas within the business BUT outside of regular organizational processes and deliverables.
3. Innovation Challenge. An innovation challenge is an open initiative, often with a competitive aspect included – such as a prize or application process – to get external expertise to solve your organizational or even societal challenges.
4. Innovation Workshop. An innovation workshop is a session through which employees (with the help of mentors) are invited to create new ideas or business concepts outside of the normal work process. These workshops can be held over a single day – or split into two half days with an evening interval.
Whether you are an innovation manager, or someone with the task of introducing new ideas or product into your company we can help with the application of startup thinking. Get in touch.
5. Startup Fund. A fund managed by the corporate that places funds into external startups. It aims to generate capability through outside companies in line with the strategic objectives of an organization.
6. Startup Weekend. A 2-3 day series of workshops, mentoring sessions aimed at creating ideas and taking them through the process of validation, research, prototyping and pitching for support or funding. Team building and multi-functional involvement is key.
7. Product Sandbox. A safe place where new business initiatives can grow before they prove their viability before they are considered to become a new product.
8. Centre of Excellence. A centre of excellence is a formalised group within the organisation that coordinates innovation projects and manages their introduction in the business.
9. Community of Practice. A community of practice is a cross-functional group of people within an organisation with common interests and goals who share expertise within the business.
10. Design Sprint. A Design Sprint is a process for answering critical business questions through design, prototyping, and testing ideas with customers. Typically an ad-hoc initiative that forces employees to interact closely with their market.