Tue, 11 September 2018
In a recent show, I talked about setting innovation objectives. Listeners wrote in asking for details on how to include innovation in the objective setting process. So, in this week’s show I share the steps to setting innovation objectives. Done well, innovation objectives can result in exponential success for your organization. The purpose for setting objectives is to gain alignment in the organization. Innovation success depends on getting everyone in the boat and rowing in the same direction. When you incorporate innovation objectives into individual, team, and organizational objectives, you gain alignment. This will be evident around the innovation focus, funnel, and strategy. MisstepsSetting innovation objectives is hard work. Over the years, my approach has changed. In my days leading teams at HP, objectives did not provide clear guidance leaving engineers to figure things out. When objectives are vague, people wonder whether what they’re doing aligns with the organization. Other issues arise when objectives are…
Getting it RightTo help with setting innovation objectives, I’ve come to believe in OKRs (Objectives and Key Results). Andy Grove, co-founder of Intel, defined this objective setting process. Many major companies are using OKRs today. I use a simplified version of OKRs. Think of the objective as the vision or goal line. It’s where you want to go. The key results are the measurable steps to get you there. When the objectives are clear and the key results align, the outcome is inspiring. People see a successful and meaningful impact in their efforts. To begin, I set the objective with two to five key results. It can be set for one year to five years. Key results are laid out in a six-month rolling process. Every six months, a key result is met and the next key result begins. Alignment and autonomy are the overarching goals. Get the entire organization aligned. Give employees the goal and allow them to use their creativity to achieve it. Provide the direction and measurement of success. Leave the ‘how’ to them. Advice on Setting Objectives
Good Innovation ObjectivesA basic element of good innovation objectives is a framework. I use the FIRE framework. FIRE stands for Focus, Ideation, Ranking, Execution. I’ve done many blogs and shows over the past fourteen years on FIRE. It’s also laid out in my book, Beyond the Obvious. Below I describe the FIRE framework and give examples of using it to develop innovation objectives.
Things to Keep in Mind
[xyz-ihs snippet="Setting-Innovation-Objectives-S14-Ep27"] Five Minutes to New Ideas is now available as a standalone show. It’s designed for the creative mind looking for that next great idea. Listen on Apple iTunes, Spotify or at PhilMckinney.com.
Direct download: Setting_Innovation_Objectives_S14_Ep27.mp3
Category:Past Shows -- posted at: 6:34am PDT |