How To Win At Innovation: Why independent experts are heading up the to transition to innovation-led models
As evidenced by countless reports, firms who prioritise growth and innovation in times of crisis, invariably come out on top. And innovation today isn’t just about creating new products.
In the digital paradigm, where warp-speed tech development and constantly shifting customer needs are the norm, success increasingly depends on adopting an innovation-led approach across the whole business model. To achieve this, companies are turning to independent experts for help.
The changing face of innovation
Forget the idea of innovation as simply a basement full of creative types geeking out on product research. For leading innovators, great discovery processes are only the beginning. Investment for and commitment to innovation are secured at the highest levels. Ideas are tested fast and iterated. Fast. Failure is seen as learning, not loss. When an idea looks like it might fly, there are strong, established processes to enable rapid scaling.
And for leading innovators, this flexible mindset and nimble approach extend across the whole business. They’re standard. As research published by McKinsey in June 2022 suggests, organisations that hope to catch up to the leaders must stop treating innovation as a product game and instead evolve new business models.
Successful innovation: the challenges
Becoming a company that innovates well isn’t easy. Large firms often have legacy structures and processes that are incompatible with a fail fast mentality, quick decision making and rapid changes in direction.
Start ups often lack the experience required to build innovation-led models from scratch. Scale-ups are faced with the double challenge of effectively transitioning to a new type of organisation and continuing to stay ahead in the innovation game.
The solution: independent experts
Fortunately, the freelance market is now buzzing with ultra-experienced innovation experts. People who, 20 years back, were high-fliers at cutting-edge niche innovation consultancies. People who went on to set up pioneering innovation departments in forward-looking firms. People with years of experience building flexible, agile cultures, transforming mindsets and setting up ecosystems and partnerships to cope with constant disruption.
Why many of the best innovation experts are independent
A key reason is mindset. Innovation is about finding the new. It’s about change, and challenging the status quo. Market consolidation in the last 5 years has seen niche innovation consultancies bought up by larger firms, with much of their senior talent choosing to go solo in order to retain their independence. Others, having implemented innovation successfully in a large firm, have gone freelance in order to share their experience with a wider audience.
Setting up an innovation programme can be a great way to kickstart a shift to a more agile, nimble culture - because you’re creating a live model that’s visible to all parts of the business. When I set up an innovation ecosystem in my previous corporate role, it was a great opportunity to hook the business up with academics, start-ups and major tech companies - as well as a chance to design internal capabilities around a fast, decisive process (8 weeks end to end - from idea, to review, to producing minimal viable product (MVP). Ayman Assaf, Choix Network
Now start-ups can access fractional leadership from innovation experts to help build innovation led models from scratch. Scale ups can work with independents who have negotiated and delivered innovation in larger organisations, who understand their current challenges and the ones they will face down the line. And major organisations can work with experts who understand how to start the ball rolling in the face of what can feel like impossible obstacles:
In my experience, banks and other big institutions with legacy systems, can really struggle with innovation. Even when there is an overarching vision, it’s often completely out of step with what the existing infrastructure can deliver, and changing that infrastructure will be a slow process… The net result is often paralysis. It doesn’t need to be. Work out what you can do with what you have to move things towards the vision - build prototypes, create momentum with whatever is possible right now.”
Veronika Bridgman, Choix Network
Choix connects the buy and sell sides of consulting, providing fair and transparent choice for all. If you want to talk to us about a project, or you’re looking to connect with our network of high quality freelance consultants and experts, please email hello@mychoix.com