At a recent innovation conference, Henry Bryndza of DuPont reported on how they had improved the returns of their innovation across the portfolio by 2-3 times. But was this a fluke, a one-off result due to their particular circumstances? Or would applying the methods that Henry used result in similar benefits for other companies?
However, a full 65% of the participants found improvements in their sample projects greater than 6 times! 18% found improvements great than 12 times! These improvements are worth rethinking your business process to discover and deliver upon. A few improvements like this across the portfolio justifies significant change, the returns are easily worth any imagined losses from shifting the status quo. (When you are ready to try out the assessment for yourself on an example project of your own, go to the Innovation Opportunity Factor Calculator.)
Overlooking Hidden Upside
Focus = Resources plus Attention
The Path to Improvement
Then make some decisions to declutter. Get rid of the small project that, however good, won’t move the needle on growth. Focus the attention of the rare and the powerful on the few projects with breakthrough upside and significant innovation challenges.
The result will surprise you. The path to improving your returns on innovation is twofold, as shown in the above graphic. First, by focusing (through both resources and attention), you will find that your probability of success of projects increases. Second, by putting energy into the upside of opportunities, the value if successful increases. Together, these create a powerful path to breakthrough growth.
John Patrin, Innovation & Growth Director, DuPont
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