Innovation is a buzzword that fills corporate meeting rooms and headlines alike. It has become so widely used that it often loses its distinct meaning. Deloitte's "Innovation Study 2021: Beyond the Buzzword" dives deep into the heart of corporate innovation, unveiling the specific innovation strategies that drive success.

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By surveying and interviewing over 400 business, technology, and innovation leaders across various industries in the United States, the study unravels the inner workings of corporate innovation programs.

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Steps for Successful Innovation Outcomes

Deloitte presents steps to structure successful innovation.

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Go Now - The Value of Formal Innovation Programs

Deloitte's survey reveals that the presence of a structured innovation program yields significant dividends. High-growth companies are twice as likely to possess leading innovation capabilities. Moreover, the maturity of the program, indicated by its age, corresponds with greater demonstrated success. Organizations with mature innovation programs are nearly twice as likely to experience revenue growth exceeding 20%.

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Go Big - Pursuing Impactful Innovation

High-performance innovation programs don't just begin; they scale significantly. Timid efforts with limited organizational commitment tend to falter. Innovation leaders armed with clear mandates, resources, and capital are better equipped to overcome challenges. Notably, organizations prioritizing innovation exhibit a larger portion of revenue from new products and services.

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Go Together - C-Suite Alignment

The alignment of C-suite leadership with innovation initiatives is pivotal. Organizations with strong executive-level commitment to understanding innovation are more likely to witness revenue growth. Successful innovators view the C-suite as active co-creators, replacing criticism with collaborative improvement. This alignment fosters a shared sense of purpose and accountability.

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Learn from Failure - Embracing a Culture of Learning

In established organizations, the stigma around failure inhibits progress. However, viewing failure as a stepping stone to learning and improvement is crucial. The startup mindset treats failure as a milestone, recognizing its role in the journey towards success. This perspective yields superior results over time.

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Let Go - Empowering Autonomy

Leadership that avoids micromanagement tends to achieve more successful outcomes. Empowering teams to make decisions, rather than managing their every move, leads to enhanced results. Organizations that spread ownership of innovation throughout their ranks reap greater benefits and nurture future innovators.

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A Model for Corporate Innovation

Deloitte presents a practical reference model for achieving high-performance corporate innovation.

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• Inquire (Lead with Need): Start by identifying validated needs before generating new ideas.
• Ideate (Prioritize Improvement): Prioritize ideas that enhance existing solutions rather than solely focusing on novelty.
• Invent/Invest (Build or Buy): Turn validated needs into usable solutions by either building in-house or investing externally.
• Iterate (Learn from Failure): Embrace failure as part of the learning process, leading to iterative optimization.
• Industrialize (Scale Up): Nurture promising innovations to scale by providing support and promoting them both internally and externally.

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Onward to Innovation

Innovation is more than just a buzzword; it's a dynamic process that requires purpose, alignment, and perseverance. The insights from Deloitte's Innovation Study offer a roadmap for organizations seeking to drive meaningful change and shape the future through innovative endeavors.

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