Lemon #111. Drawing
While reading “Costovation” from Stephen Wunker & Jennifer Luo Law, we learned about relentless focus, and a willingness to make trade-offs in the name of an objective.
To narrow down what you concentrate on, you need to know your strategic mission. If you are trying to cut costs, you cannot have it all. You need to choose a focal point and make it your tactical priority.
A surprising number of companies do not have clear goals for their innovation programs, instead adopting an “I will take whatever I can get” mentality. But it is important to know where you are intending to go, and how you will know when you have gotten there.
The first step in any innovation project is to know where you are going. What are you working toward?
Drawing boundaries means letting go. When you do not have a clear strategic direction around your innovation project:
- Define why you are innovating and what it means to win (usually a quantitative goal but can be qualitative).
- Decide how and with whom you will win. How far will your innovation efforts go? Are you seeking to disrupt a product line, a business model, or a customer? Many companies invest innovation attention in areas where the company is unwilling to make changes.
- Determine competitive advantages and what makes your firm distinctive. What can only your firm deliver?
Stephen Wunker & Jennifer Luo Law @ Costovation