Life Conversations: Innovation Capital

Dreaming is 'creativity,' but executing it is 'innovation.! - Ashish

Recently I read the book, 'Innovation Capital' and it got me thinking, in how many of the business innovation and transformation projects I led, did I get a chance to build or use my 'Innovation Capital?'

Innovation Capital – similar to social capital or political capital — allows great innovative leaders to develop the power to convince people to join their cause and bring unproven products and ideas to reality. It allows the leader to motivate employees, win the buy-in of stakeholders, and sell breakthrough products. 

This blog is not about creating new solutions/ideas/innovation, but your ability to sell the idea and have evangelist. Innovation Capital allows you to get things done! Based on my learnings in the real world, who you are, whom you know, what 'you've done, and the things you do, define if you can build Innovation Capital.

1. You build your Innovation Capital with time. Change/Innovation leaders new to a company pushing ideas too soon will almost always fail to get buy-in. That does not mean it takes years to start big innovation project. It means you make small changes, successful, meaningful changes that have small daily wins. Rinse and repeat small successes, and you get permission (implicit) from the employees to make significant changes.  

2. Lead large visible projects to earn delivery reputation. That will allow you to drive change when it is time to do something innovative.

3. Amplify signal over the noise! Change drives much noise. Facts, intent, end goals get lost. Great Innovation Leaders amplify the delivery of solutions that signals change tangibly. It stops the hallway conversations when the new solution is live.

4. Knowing the right people and partners is vital. Know the naysayers in the organization and partner with them right out of the gate. Take supporters and enthusiast and sign them up for public conversations on change. Find experts and task them and get out of their way.

5. Storytelling! Nothing has allowed me or any Innovation Leader to be most successful without the ability to tell stories. Don't just share facts, problems, and solutions. Talk about the characters, the competition, the conflict, the low of failure, and the high of success. Use analogy to share the plan. Talk often, formally and informally. Leverage every communication channel from hallway conversations to townhall to written and social media communication. There is a narrative arc to storytelling that transcends the duration of the change. Innovative Leaders can weave that storytelling over that period. 

The fact remains, change and innovation are slowed down if you don't have Innovation Capital. Hiring and tasking the right person who understands this is key to a successful transformation.