I was having coffee with a management consulting friend when we got into a discussion about the best practice principles that underpin good corporate innovation activities. During that discussion I Googled “McKinsey Innovation” as I was curious to know what the global thought leader had to say on the topic (go ahead and do the same, I’ll wait). Here’s the top link for that search The Eight Essentials of Innovation. After reviewing the list and reading the article I felt underwhelmed, as this was a list of abstracted verbs not anything essential or even tangible:
I’ve decided to compile my own list of best practice principles in corporate innovation that can actually be applied in practice.
These following concepts are not groundbreaking insights to any rational individual, but I find them often overlooked by senior corporate innovators and leadership. This list is inspired by a mosaic of codified best practices in building startups and technology, as well as lessons I’ve picked up from over a decade of my experience spanning investment, startups, and innovation.