What happens when innovation is merely buzz and not based on something real? At best — nothing. Worst case you wind up creating a bubble and sooner or later it pops.
A particular energy company stood in front of Wall Street for a presentation on innovation “Less assets are more. The future of business is not heavy balance sheets and deep inventory but borrowing and investing, futures and contracts”. Everyone ate it up. New business was business-light, agile, less risk, more gain and profits are fast. This new innovation in the energy industry left the other guys scratching their heads trying to figure out how it was all possible. Then the truth was revealed. This revolutionary business concept turned out to be nothing more than “fixed trading and marketing” secured on invisible assets and fictitious companies — Innovation only by perception.
Innovation is transparent, it’s real. It’s proven. It’s not just theory. It takes time, investment and wisdom.
Is your organization making an impact? How so? Do you have high performance teams and are they empowered and accountable? Other questions to consider:
- What are your core areas of focus? How are they different from the other guys?
- Name specific areas or people that are making things happen.
- Are new ideas being brought into reality? Are they effective or will they be?
- Can you see a pattern of momentum? If it is healthy how are you fueling it?
- Is what you are doing sustainable?
- What do we need to stop doing to allow greater focus on areas that have momentum?
- Are you pre-investing in areas of potential growth?
- Are you connected and invested with other innovative organizations?