The most common problems with strategy is that (a) it can be extremely poorly based on actual insight and data about market and customers and (b) it tends to become antique the moment, you have dotted the last i and crossed the last t in the grand plan.
When I recently tought a group of students at Aarhus Erhvervsakademi and Dansk Markedsføring about digital strategy and business development one of my main messages was that strategy today is not a plan. It is a set of hypothesis about market, customers and bets, we can make that we set ourselves goals towards trying to achieve. And remain flexible towards revisiting when needed. Not in terms of overall vision and goals but on the road towards that goal.
Strategy today is a fluent thing and with all the unknowns out there and the constant changing landscape, you need to be prepared to have your core hypothesis invalidated at any point in time. You need to be able to adapt, and you need to do so by defining new hypothesis that you can design your evolving strategy and market approach around. Everything else is – at best – wishful thinking.
Great teams succeed together. A team full of individual stars lacking coordination and communication between the various positions fail no matter how good and expensive they individually are.
If those things are true in sports, does it come as a surprise that it goes for corporate innovation as well? A great football manager knows that in order to be successful with the team you recruit for players who fit the team and style of play centered around a shared philosophy for how the team should play – and win.
Greg Satell does a good job of noting the reasons why most corporate innovation teams fail. I think in many cases it can be boilt down to team – or the lack thereoff. Instead of building new teams, you should be focusing on augmenting the strengths you already have that have made your company successful so far. Succeeding in innovation is and always will be a team effort.
Just because ideas can be hard to turn into something concrete, it doesn’t mean you should stop having them. There always should be – and there always is – room for the bright idea.
What you could do however is to stop thinking about the quantity of ideas you could have and focus all your energy of the outcome, you want to achieve.
If you have a great – sorry – idea about the problem you’re trying to solve and where you want to take your company down the line, you need fresh ideas. And chances are the ideas you will get by having a sharp focus on the outcome will be both relevant, valuable – and absolutely worth pursuing.