Challenge 4 – Poor Innovation Process
The first step is to establish a group with authority, skills and time to perform a review and selection role on new ideas. This can be a small team (four to six) of partners/managers who would meet monthly to review new ideas and agree those that should be moved forward for
further investigation, development or implementation. They would also decide on the allocation of any ‘innovation hours’ or expense available to the selected projects. The Chair of this ‘Innovation Review Team’ (IRT) should ideally sit on the firm’s board. This should ensure a good linkage between the board’s priorities and the selection decisions of the IRT; it also provides good feedback to the board on the typical opportunities and challenges in innovation. The team would also determine how best to support and resource new ideas – with investment (time and capital) and to help address blockages (for example, the lack of support from the idea champion’s Manager/Partner to free up time). This team would also be able to report to the board on progress and recommend further improvements and investments.