This week’s Fierce resource was originally published by The Huffington Post and describes the ten types of corporate innovation programs.
With technology increasing at an exponential rate and new startups with bigtime financial backing popping up left and right, it is difficult for larger, well-established companies to keep pace. As much as technology helps us work faster and smarter, it can also be very disrupting, requiring companies to either change and adapt quickly or be left behind.
To help cope with this ever-changing business environment, companies are looking to invest more in programs that aim to drive innovation and shift traditional business models. Most companies try to install several different types of programs and tactics to accomplish this, and there is not one formula that works for all organizations.
Per Jeremiah Owynag, Forbes contributor and Partner at Altimeter Group, a research based advisory firm, some programs being deployed include:
1. Dedicated Innovation Team. “Corporations often start with staffing an innovation team within the company of full time employees dedicated to developing the strategy, managing, and activating innovation programs.”
2. Innovation Center of Excellence. “Innovation can’t happen in a single group; without broader institutional digestion, new ideas will falter and fall. Some corporations are setting up cross-functional, multi-disciplinary groups to share knowledge throughout the company.”
3. Intrapreneur Program. “Rather than rely solely on external programs, internal employees — dubbed “intrapreneurs” — are given a platform and resources to innovate. These programs invest in employees’ ideas and passions to unlock everything from customer experience improvements to product enhancements.”
Read the other seven programs and the entire article here.