We are standing at the forefront of the innovation era in China. An era where China turns on its engine of entrepreneurship. An era where corporates are slowly opening their doors; where taking risks is encouraged; where failure is celebrated. On January 18th 2018, we organized 2018 first Corporate Innovation Roundtable at XNode.
Our guest speakers shared their experiences and challenges of Corporate Open Innovation.
Let's look back what we explored on the topic of “Corporate Open Innovation” Strategy
The top 3 elements of any open innovation strategy
Understand why do we innovate
Understand who are we competing with
Be aware that the environment allows us to make mistakes
Process
How to execute your innovation strategy? Essential building blocks for an effective innovation process
Innovation value should be perceived throughout all the execution steps to happen smoothly
Always argue, be the disruptor, do not accept the status quo and “this is how we execute here…”
It is always too slow, make it more agile. Speed is the key of the process
Jumping out of inertial thinking, doing things in an innovative way. Don't allow rigid frame and processes to strangle a golden opportunity in the cradle. You may lose, but it's worth trying.
Measurement
How to measure innovation success: North Star Metrics for corporates
Usual metrics used to measure “Execution” are limited (say harmful) when used for innovation
How many people are involved in innovative initiatives
Process metrics (If difficult to quantify the results, then qualify the process)
Observation of behaviors change
People and Culture
How to build a culture of innovation? Biggest lessons learnt
Let people try and fail
Connect innovation activities to the entire KPI process
Use tools to screen and profile core members of innovation
Be willing to meet and work with external startups and innovation players
