Hallmarks of Innovations

Defining innovation is a quandary. Yet we all know it when we see it! Innovation is a process, it is a new product, it is a way of thinking, it’s a creative new marketing plan, it’s a novel way of doing something, it’s a patent… It always leaves things better than it was before. Innovation involves a solution, thereby implying a problem, or at least an opportunity for enhancement.

Wherever you find robust and recurring innovation in an organization, there are certain hallmarks intrinsic to the organization that set the stage for the innovations. And you will find these characteristics across all the definitions of innovation. These hallmarks of innovation are:

• Innovation strategy with vision

• Competency within an enabling culture

• Pipeline and portfolio execution

All organizations have strategies that set their supposed direction and communicate that direction to others. Innovative businesses place innovation as one of their top three strategies and make it a core value that is acted out at all levels. The strategy imparts meaningful direction, incites passion, is backed up by measurable goals and is aligned with other strategies. For innovation to become a way of life, we must provide necessary organizational structure, knowledge, skills and culture. Organizational competency allows you to deploy your innovation strategy. Competence is in the form of leadership skills, technical knowledge and innovation tools aptitude. Culture is one of the most talked about yet least implemented aspects of innovation. While the need for diversity of teams, mix of right brain-left brain thinkers and other principles are acknowledged often – they are rarely practiced. Truly diverse teams are rare.