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Innovation Health Report
Congratulations on completing the 5 Ways to Innovate health check. This report is a summary of the results and recommendations based on your responses to the questionnaire.
Executive Summary
Your Innovation Health Score
Your score places you in the category of
Suitability
Breadth
Depth
Why is this report important?
Investment in corporate innovation is at an all-time high. So why do 80-90% of innovation centres still fail?
We studied 100 companies to identify what makes the world’s best innovators tick. What we discovered is that the vast majority of innovation efforts can be explained in just five simple categories, and selecting the right ones is the difference between success and failure. So we developed a system that helps corporates select the right mix of innovation initiatives to be in the 10% that succeed.
What are the 5 Ways to Innovate?
The best innovators on the planet focus on just five simple categories of innovation tactics.
We codified these five categories and built a system that determines a company’s optimal innovation portfolio across the three most effective initiatives, with a 100-day roadmap to get things moving in the right direction. 5 Ways to Innovate is a system to close the innovation gap.
Report
Methodology
Background
Our innovation health check assessment has been based on over 30 years of experience leading corporate innovation efforts at some of the world’s top companies including Deloitte, Accenture and Meta. We have analysed and optimised innovation efforts at dozens of Fortune 500 companies and refined our scoring methodology to simplify innovation efforts to the most effective building blocks.
The report has been broken up into three categories to make it easy to compartmentalise recommended improvements into focus areas.
Five distinct scoring criteria have been taken into account and analysed in a balanced scorecard in order to generate your scores against each of the three categories.
Scoring Categories
Suitability
Your innovation efforts should suit your context, including when you will be disrupted, your organisation's goals, and how you are organised for change.
Breadth
Innovation is a portfolio, not a project. You need at least three investments and efforts to create tomorrow's business with a 70/20/10 investment split.
Depth
Innovation efforts need to create impact. Your actions need to develop tangible output that is measurable and recognisable.
Scoring Criteria
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The level of disruptive activity facing your industry sector, and how soon it is likely to affect your core business
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The capacity and maturity of innovation capabilities that currently exist in your organisation that are capable of generating tomorrow’s business
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How accepting your organisation is to change, particularly in terms of leadership’s ability to acknowledge and lead change initiatives
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Whether you organisation has historically been a net creator of innovation (at the bleeding edge of the industry) vs. a net consumer of innovation (late adopters who follow trends set by competitors and industry best practice)
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How close your organisation wants to innovate to today’s core business vs. attempting to innovate in more distant adjacent and transformational spaces
Your Detailed Results
Suitability
Out of 10
What is Suitability?
The level to which innovation efforts are matched to the organisation’s context, including industry disruption, internal goals, and how you are organised for change.
Why is it important?
Your organisation’s innovation portfolio should be aligned to organisational strategy. Without this, convincing other parts of the organisation to adopt innovation initiatives can become challenging.
What should you do?
Recommendations
Your Detailed Results
Breadth
What is Breadth?
The level to which an innovation portfolio is diversified. Our recommendation is at least three distinct areas of innovation initiatives in order to provide sufficient coverage and de-risk against innovation failure.
Why is it important?
Your organisation’s innovation portfolio should look more like a portfolio than a project. This ensures that all of your organisation’s eggs aren’t in one basket, providing better coverage of your efforts.
What should you do?
Recommendations
Your Detailed Results
Depth
What is Depth?
The level to which innovation efforts are generating a material business impact. Your organisation’s actions need to develop tangible output that is measurable and recognisable.
Why is it important?
In order to avoid the trap of “Innovation Theatre”, these efforts should be measured in outputs, not inputs. We recommend using new features, new offerings and new businesses as success metrics.
What should you do?
Recommendations
What next?
We’re on a mission to help 1,000 corporates reinvent themselves to build the business of tomorrow.
We help corporates unlock the capability to reinvent themselves. Our approach is to build your internal teams into world-class innovation leaders and then leave them to it. We like to keep it simple with three stages to engage:
Inspire your leadership team to take action on innovation.
Build an optimal innovation portfolio & playbook to execute.
Coach your leaders to build innovation capabilities from within.
If you are passionate about innovation and are intrigued about the results in this report, the next step is to reach out to us to conduct a detailed assessment of your organisation’s innovation efforts. We’d love to help you join the 10% of corporates who are succeeding at effective innovation.