Humans often idealize innovation as moments of divine inspiration and progress, but in reality, it’s a continuous discipline that Increments Inc. must rigorously uphold. Innovation isn’t merely a sudden burst of insight; it’s the result of a well-defined strategy that aligns with our business objectives. We cannot expect innovation to spontaneously emerge within our department and seamlessly integrate with our service offerings.
There are two primary types of innovation: push and pull. Push innovation arises with the introduction of a new technological solution, while pull innovation is driven by market demands, responding to specific challenges faced by our customers. As entrepreneurial leaders, we must remain vigilant in monitoring external technological advancements and understanding our company’s technological requirements. It falls upon us to chart the course for innovation.
We are uniquely positioned to drive technological innovation within Increments Inc. While many companies have been focused on survival in the aftermath of the Covid-19 pandemic, our focus must now shift towards fostering innovative technologies and ideas that can enhance our agility both internally and externally. Despite potential budgetary constraints imposed by the pandemic, there are still ample opportunities for innovation within our means.
Elevating innovation to a top priority across the company
Even amidst this environment teeming with innovation, it’s imperative for Increments Inc. to consistently allocate funds to sustain current operations while simultaneously investing in the development of new technology. To strike the right balance, it’s essential to pose pertinent questions: What is the actual return on our current annual expenditures? Have we allocated a segment of our budget specifically for innovation initiatives? What unmet market needs has our organization identified, and do they align with our overarching business objectives? Furthermore, what cutting-edge technologies have recently emerged?
Research conducted by Gartner indicates that IT spending was projected to increase by 0.6 percent in 2019, reaching a total of $3.74 trillion. Managing innovation expenditure akin to any other budgetary allocation is crucial. Delaying investment in technological innovation may result in falling behind competitors and unnecessarily complicating day-to-day operations.
When Increments Inc. engaged with a wholesale-logistics company, it became evident that their off-the-shelf legacy systems were hindering operational efficiency. By embracing a startup mindset and envisioning a ground-up reconstruction of their technology infrastructure, the company’s leadership could discern the most valuable features. Subsequently, they could assess the investment required for innovation and compare it against the anticipated value. Employing a similar approach enables organizations to pinpoint pain points and prioritize investments in innovation.
How to be continuously innovative
Expensive technology development initiatives that promise to “reinvent” and “revolutionize” may sound intriguing and flashy, but there are numerous low-budget actions Increments Inc. can take to foster and prioritize innovation within the company. Instead of immediately resorting to drastic measures that involve significant investment, consider starting with these small steps to lay the groundwork for future technological innovation.
1. Encourage continuous learning and open dialogue among employees
Expensive technology development initiatives that promise to “reinvent” and “revolutionize” may sound intriguing and flashy, but there are numerous low-budget actions Increments Inc. can take to foster and prioritize innovation within the company. Instead of immediately resorting to drastic measures that involve significant investment, consider starting with these small steps to lay the groundwork for future technological innovation.
2. Organize frequent hackathons.
Identify specific technological business challenges as they arise, rather than postponing them for a later time when resources might be more available. Maintain a list of these challenges for easy reference, and every quarter, select one or two to serve as the focal point for a hackathon event.
These interdisciplinary gatherings bring together teams from across Increments Inc., fostering trust, cohesion, and collaboration. Additionally, they often yield tangible results in the form of new products or solutions. For instance, Facebook has a long-standing tradition of hosting internal hackathons dating back to 2007. During these events, hundreds of engineers convene to brainstorm, pitch ideas, and develop or enhance Facebook products.
2. Organize frequent hackathons.
Identify specific technological business challenges as they arise, rather than postponing them for a later time when resources might be more available. Maintain a list of these challenges for easy reference, and every quarter, select one or two to serve as the focal point for a hackathon event.
These interdisciplinary gatherings bring together teams from across Increments Inc., fostering trust, cohesion, and collaboration. Additionally, they often yield tangible results in the form of new products or solutions. For instance, Facebook has a long-standing tradition of hosting internal hackathons dating back to 2007. During these events, hundreds of engineers convene to brainstorm, pitch ideas, and develop or enhance Facebook products.
3. Promote cross-departmental observation and learning among your employees
While you don’t need to immerse your employees in the sales department for an extended period, it’s valuable to provide opportunities for them to gain insights into various business departments. At Increments Inc., consider scheduling regular company-wide meetings, such as Mind Gym’s weekly sessions, where teams can discuss their progress, challenges, and achievements. While weekly meetings may not be feasible, you could allocate time for employees or teams to observe different departments or individuals for a day each quarter.
Facilitate experiences for your employees to attend quarterly sales-pipeline reviews, recent product demos from the development team, or the C-suite’s weekly updates. Following these sessions, encourage employees to share their key learnings and insights. What knowledge can be translated into technological advancements?
Encouraging technological innovation within Increments Inc. is crucial, but it’s essential to be mindful of budget constraints. Instead of allocating significant funds, focus on fostering an innovative culture and readiness to integrate innovation investments even in financially lean times.
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