4 Ways Leaders Can Get More from Their Company’s Innovation Efforts

A recent McKinsey report found that while 84% of corporate executives think innovation is key to achieving growth objectives, only 6% are satisfied with the innovation performance of their firm. To close the gap, we need to treat innovation differently than we do normal operations. There are four things leaders need to do. First, don’t get trapped by your P&L; innovation efforts may take a long time to become profitable. Second, instead of focusing on generating new ideas, make those ideas practical by zeroing in on problems to solve. Third, classify the problem before you identify a solution — what kind of innovation (disruptive or sustaining?) do you need? Finally, build for the few rather than the many. Often, one customer with a “hair on fire” use case can be better than thousands with a mild interest.