Corporate Innovation – Build Corporate Innovation Framework & Culture
Building an innovation culture is one of the top priorities in big corporations as the disruption is getting faster and faster. This collaborative innovation project with one of the top 5 banks in Thailand has proved that building an innovation culture can be achieved by initiating a snowball effect.
So what did we do? Together with the client, we decided to start the first experimental innovation program with small numbers of their employees to empathise with organisational culture. Through the program, we experiment with innovation and design methodologies like design thinking, a lean startup with our unique insight gaining from hands-on experiences to craft the unique “Innovation Framework” that suitable for client’s organisational culture and people. The result is impressive. Three innovation projects created from the program are approved to kickstart by executives. We successfully build the first version of the Corporate Innovation Framework that will be used and developed further as their Innovation Department rolling out.
As a Corporate Innovation Consultant, I learned that there are several elements to consider when building a corporate innovation. Your people, your way of working and the way you governance your innovation space.
Entrepreneurial mindset and ability are fundamental in developing an innovation culture in the organisation. In short, It is an ability to make sense of new information and turn it into a valuable business opportunity. This ability is endless organisational resources. However, we cannot expect everyone to employ it. A proper innovation framework is a way to navigate the way of working and shape entrepreneurial capabilities. It is like a compass that guides the way of thinking and doing. It helps people learn and transform at a faster pace. For example, the innovation framework asks you what key factors you should concern when creating the next big thing for your organisation? Have you thought about customers? Or how will you win the market? And for your department mission? Most importantly, why should you do it? Beside two elements, How you design the governance of how your top executives, head of, manager and all levels contribute to this innovation end game is also significant. Governing defines rules and roles. Everybody has their specific hat (i.e. visioning, strategising or doing it!) and contribution in transforming the innovation culture. This means setting the do and don't list. For instance, do give decision-making authority to the working team or do align vision at day one. These small actions create an impactful change because it provides people with a sense of ownership and safety to take the risk in experimenting beyond traditions which are very important to innovation building space.
Thanks, Fire One One team, client and all participants!