Innovation is at the heart of everything we do at Calise Partners. Naturally we were drawn to SXSW sessions that focused on increasing innovative output.
One such session, titled “Here are the keys to your new innovation playbook,” was delivered by a panel of innovation experts. The panel included: Matt Kaufman, Head Of Operations for CrunchBase; Meredith Herman, Digital Mktg Dir of GSK; and Tom Kelshaw, Dir Of Technology – METALWORKS of Maxus. This panel was moderated by Kayode Owens, Head Of Strategy for KITE Solutions Inc.
According to their Innovation Playbook, the number one solution to producing greater innovation within a company is to develop an appetite for failure. We couldn’t agree more. One of our Core Values at Calise Partners is “Fail Fast: It’s not going to always go right the first time. Learn, adjust and try again while the opportunity is still fresh.”
To this end, the Innovation Playbook offered some advice on how companies can make this value a reality in their organization. For example, companies need to establish clearly defined budgets for experimentation and include their participation in innovation initiatives as a part of their annual reviews. The biggest problem to overcome is that too many companies only reward employees for positive results and punish them for their failures so there is no incentive for trying something new.
Some other suggestions that lead to more innovative solutions include:
- Testing and learning at scale.
- Finding ways to relate more personal targeted stories.
- Ask the question, “if there were such a thing as magic, then what could they do?”
- Accelerator programs and entrepreneur training has made a difference.
- CRM tools.
- Invite the ad agency to introduce innovation initiatives (they have the talent and the tools for it).
- Focus on the customer’s lifestyle instead of the brand’s product.
- Shorten the timelines.