One of the first lessons in innovation: there are always more good ideas than resources to pursue them. But in a downturn, the issue becomes especially pronounced. In times like these, success hinges on prioritizing the right innovation projects for right now, then allocating resources accordingly.
To help innovation leaders and their teams chart a clear path forward with confidence, we’ve created an interactive flowchart with practical advice and tools. It starts with an assessment of your pipeline at large, led by two critical questions:
• Which of our current projects are most valuable and urgent?
• How have those projects been impacted, and how do we adapt and advance?
• Is this project valuable and urgent for my consumers?
• Is this project valuable and urgent for society?
• Is this project valuable and urgent for my business?
There are silver linings in a downturn. For one, it affords you a moment to pause and reflect. Evaluate where you’ve been, where you are, and where you want to ultimately go. What unleveraged insights are you sitting on that could be used in a new, lucrative way right now? What untapped assets, resources, passion areas and capabilities could you flip and skyrocket during this time?
Using our Adapt & Advance Flowchart as your guide, take the time to think through these questions—and grant yourself the freedom to change your answers.
Innovation teams—perhaps more than any other function within an organization—are no strangers to pivoting around the unexpected. And while a crisis like Covid-19 can wreak havoc on businesses and communities, it also presents opportunity for the new and inventive. After all, the Renaissance emerged out of the Bubonic Plague. It leveled the playing field, invoking fresh thinking and activity across science and technology, art and geography.
Renaissance forthcoming or not, now is the time to adopt a flexible mindset, think strategically and take action.