This week on Killer Innovations, I am joined in the studio by Katherine Radeka.  Katherine is the founder of Rapid Learning Cycles Institute.  She has a new book coming out on October 1st called “High Velocity Innovation.” Katherine started her career at HP and then went on to carry on Dr. Ellen Wards legacy as a lean product consultant.

Challenges of Innovation

The challenge inside large organizations is the challenge of catching of the innovation.  Inside any organization there has to be a pull for innovation that starts at the strategic level.  Even when they have that inside an organization, there are still going to be the innovation antibodies that create barriers and slow down the innovation engine.  Another important challenge within an organization is distinguishing between process metrics and result metrics.  Process metrics for innovation focus on how much time is your team spending on innovation activities.  For result innovation, you should be looking at the amount of revenue coming and how fast you can get to market.

Failing Fast

Companies sometimes need hurdles thrown at their innovation teams to help them grow.  Katherine recommends having escalating hurtdes at least once a quarter.  It encourages teams to find fast ways to validate whether or not their ideas are good ideas and challenge their perspective on it.  Getting feedback from management is essential to these teams because it is an incentive to learn fast.  You can keep up with Katherine at high velocity innovations.

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