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Recent studies suggest that enterprise leaders are struggling to find parallels between corporate and innovation strategy. This article explains how executives can play a bigger role in communicating strategy, setting expectations and goals for innovation, and ensuring those efforts are headed in the right direction.
Explore the ROI of innovation, the three horizons of growth, and how to get buy-in for innovation at the enterprise level in this post detailing three unique perspectives at a prestigious dinner gathering for innovation executives.
In today’s episode, my co-host, Aaron Eden, and I are really excited to have our guest, Kyle Nel. Kyle is the Executive Director of Lowe’s Innovation Labs and has a very unique approach toward innovation which was fun to explore in this episode. They leverage a narrative-driven approach that uses story (and comics) as a strategic tool to map out the future for Lowe’s that they are working to bring to life. They then work backward to build that future, rapidly testing technology prototypes to solve everyday problems.
In the episode, we dive into how they’ve organized their innovation strategy into 4 operational buckets and how they not only identify new products but innovate on the core business.
We also talk about how they have done a fantastic job getting rid of the distance between the end customer and new product development teams amongst other things.
Simply because the ROI of an innovation project isn’t seen this quarter and spot on projections are impossible, that doesn’t mean it’s not crucial for the health of an organization.