At the recent Growth, Innovation and Leadership conference, I led a workshop in which approximately 40 executives built on HP’s best practice guidebook for breakthrough innovation to apply, extend, and perfect it. The result is an improved recipe for innovation, with four stages:
Ideation — Focus on your innovators (and forget about the ideas)
Formulation — Expand the opportunity by developing multiple strategies and a learning plan.
Incubation — Pursue the learning plan, focusing on proof points, adapting as you go to deliver an exploitable business asset.
Accelaration — Adolescent businesses need the discipline of P&L accountability without being crushed by it.
P.S. Kill your phase gate.