Today, innovation requires a more “ground-up” approach--a more incremental, iterative and flexible environment. This methodology creates transparency and allows innovators to respond quickly and change requirements and adjustments as the project moves along. Innovation incubators can be an important vehicle to capture value with game-changing innovation and gain a competitive edge. Some industries such as retail see tremendous results when innovating with mobile solutions.
Here are some important considerations for companies intent on creating a successful innovation program.
The key decision-makers must articulate the incubator’s mission to create consensus among the stakeholders and focus on a common purpose. One of the most critical aspects of formulating innovation incubators has to do with the structure of the goals for the program. All short, medium and long-term goals must be clear, well communicated and align with your business strategies to ensure consistency.
Regardless of the time frame, objectives must be consistent –from the short-term targets to the long-range goals.
2. Facility Management and C-Level Support & Direction
Companies will need the right facility and seasoned management that understands the importance of bypassing the layers of processes inherent in traditional corporate cultures. Innovation incubators require processes that embrace constant change, creativity, promote “out-of-the-box thinking” and rapid advancement.
Successful incubators also have the passionate support of C-level executives who have a strong desire to provide assistance to deploy various programs and other support, build personal relationships and create an environment that matches the passion the entrepreneurs have for their innovations.
Regardless of the industry, more executives and business owners have bought into the concept that culture plays a critical role as it relates to innovation and growth. The same holds true for the mobility innovation environment. Whether the information comes from a field technician or C-level executive, successful mobility innovation incubators draw upon the different knowledge levels, experiences and skills to create a dynamic, collaborative environment that drives mobility solutions.
The key is to show confidence in the creative abilities of all individuals and encourage active collaboration.
Formulating a clear course of action helps incubator management to align capabilities and resources with the goals of the company. Strategic planning helps clarify the benchmarks for ascertaining when things are going right and account for contingencies.
Critical elements of the strategy should include:
- Stakeholders
- Market niche – mobility incubator structure
- Services offered
- Revenue projections
The infrastructure for a mobility incubator must provide the environment necessary for growth and maturity. This all really means the advisors should have the skills, experience, and expertise that companies can take advantage of. It should also have an independent advisory board that provides the strategic and operational checks and balances.
These elements increase the odds for success and keeps the innovation incubator from simply becoming another cost center. As mobile solutions continue to gain traction, more companies seek ways to harness this incredible potential to create efficiencies, increase employee engagement and enhance customer satisfaction levels. Astute companies looking to drive sales and create new revenue streams can partner with a technology innovation incubator to identify trends, address business issues and manage risk. This approach helps to develop proofs of concept and small mobile solutions that can have a rapid and lasting impact on the company’s ROI.
Most companies are at the infancy of what mobile solutions can do for them both internally for their employees and externally with their customers. Read our ebook 10 reasons your business needs mobile capabilities TODAY to learn more. We also have a quick, affordable solution, a mobility focused innovation incubator, to help discover quick wins in mobility innovation . Contact us today at 1-866-426-2748 to request a free estimate.
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