Do you know your innovation stock and its capital potential?

Knowing your innovation ‘stock’ and  ‘capital’ potential

IFD Stock and Capital
Knowing our stock and capital for innovation

If we really want to innovate well, we need to know our ‘innovation stock’. This is where the largest part of our wealth generating capital lies and where it’s potential can be best put to use. We are today increasingly valuing the knowledge perspective far more and with this we are increasingly recognizing the importance of the intellectual capital that makes up the organization.

I, and many others, would argue that we certainly need to re-think many of the old world value delivery systems to assess organizations and make much more of a concerted effort to make innovation that renders different, unique value outcomes, that keep pushing the boundaries of strategic advantage within any business.

What is increasingly becoming a strategic imperative is our need to ‘master’ our understanding of the skills, processes, routines, organizational structure and disciplines that enable firms to build, employ and orchestrate innovation. This is needed increasingly with our needs to participate in more complex open collaboration efforts. To achieve this, we do firstly need to know ourselves and our capability to innovate, both the strengths and weaknesses.

So I’ve been busy mapping out a pathway to Innovation Fitness

Knowing your innovation fitness capabilities does provide a good understanding of your existing position and can, through a structured approach and program, ‘point’ you towards the ones that you need to have that put you into that place of leveraging unique strengths, that clearly improve your innovation capabilities. These are the ones that are far more valuable and potentially dynamic.

The issue is today, do we know what are the critical capabilities to focus upon to improve the chances of greater innovation success? Each organization has limited resources to offer and it is becoming increasingly important to know where and with what these resources to maximize the capability to deliver a better set of innovation outcomes.

Each organization does needs to know its innovation fitness to thrive in the future

The dynamics that make up innovation capabilities
The dynamics that make up innovation capabilities

We are searching for what makes up the present system and what needs to be part of the future to create a ‘best’ innovation capability environment that is sustaining into the longer-term. Those that can be continually ‘orchestrated’ and constantly adapted to meet the strategic need.

We are striving towards a true ‘innovation coherency premium’ in design, knowing what makes up your core dynamic components. The outcomes are to know where to invest, what to dampen down and what aspects can evolve naturally and be ‘taken along’ as you focus upon the ones that are more dynamic and relevant to your innovation needs.

3 thoughts on “Do you know your innovation stock and its capital potential?

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